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(in  i  oi  Seymoi  r  B.  Durst  Old  York  Library 


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\  :  A   , ' '   ■  ■!  . IIHII 


TWENTY'  YEARS 


AMONG    THE 


Bulls  and  Beaks 


OF 


WALL  STREET. 


BY 


MATTHEW   HALE    SMITH,    LL.D, 


:  Such  fact?,  more  strange  than  fiction's  dreams,  begot 
Within  the  Poet's  wierd,  romancing  mind, 
Need  but  th'  unveiling  hand,  <x>  strike  the  world 
With  wonder  and  delight,  or  thrill  the  heart 
With  dread. —  Here  writ  are  witching  tales  of  truth.'1 

"  In  lust  for  lucre  lurk  the  darkest  wiles, 
The  base  and  deepest  passions  of  the  soul."' 


HARTFORD  : 

J.  B.   BURR   <5c   COMPANY. 

1870. 


As 
.s<o5 


Entered,  according  to  Act  of  Congress,  in  the  year  1870,  by   • 

J.  B.  BURR   AND   COMPANY, 

In  the  Clerk's  Office  of  the  United  States  for  the  District  of  Connecticmt. 


Entered  also  at  Stationers'  Hall,  London,  England. 


WILLIAM    H.    LOCKWOOD, 

Elc«trotyp<T, 

EilirOlD,    COSH. 


INTRODUCTORY. 


One  hundred  and  eighty-five  years  ago  the  short,  narrow,  and  un- 
attractive looking  thoroughfare,  known  as  Wall  Street,  was  laid  out, 
when  Dongan  was  Governor  of  His  Majesty's  Colonies.  It  sprang 
at  once  into  importance,  as  the  centre  of  authority,  fashion,  and  finance. 
From  that  time,  it  has  held  its  repute  in  the  financial,  political,  and 
social  affairs  of  the  metropolis.  I  have  chosen  to  consider  it  as  the 
great  centre  from  which  radiate  all  the  influences  that  affect  society 
in  New  York.  Here  the  Government  of  the  United  States  was 
founded,  and  Washington  held  his  first  court.  The  early  churches 
were  grouped  within  its  influence.  The  eminent  men  of  the  nation 
here  resided  and  administered  lav/  and  justice.  Wall  Street,  to-day, 
is  the  mo-t  potent  thoroughfare  on  this  continent.  Its  daily  transactions 
are  telegraphed  to  every  city  in  the  Union,  from  the  tea-board  of  the 
Atlantic  to  the  shores  of  the  Pacific  ; — to  the  most  northern  city  of 
civilization,  amid  the  Arctic  snows,  down  to  the  warm  waters  of  the 
Equator,  across  the  Atlantic,  and  to  the  capital  of  every  commercial 
city -in  the  world.  Wall  Street  is  a  type  of  our  nationality.  Its 
operators  are  men  of  every  clime,  of  every  nation,  of  every  tongue, 
and  of  every  religion.  It  is  the  "  Cloth  of  Gold,"  on  which  hostile 
sects,  and  nations  antagonistic,  meet  in  peace.  The  history  of  Wall 
Street  is  the  history  of  our  national,  political,  and  social  organization. 
To  write  the  first  chapter  of  this  book,  I  had  to  consult  over  one 
hundred  volumes,  in  the  great  libraries  of  the  city ;  for  a  compact, 
*  continuous  history  of  Wall  Street  to  the  present  time,  elsewhere  than 
now  in  this  book,  does  not  exist.  Bankers,  men  who  buy  and  sell  on 
the  street,  and  many  who  have  had  a  name  among  brokers  for  half  a 
century,  have  aided  me  in  this  work.     Diaries,  private  memoranda, 


iv  INTRODUCTORY. 

anecdote  and  incident,  which  have  been  treasured  up,  and  kept  only 
for  the  private  eye,  have  been  put  at  my  disposal.  The  whole  will 
form,  I  think,  a  work  of  rare  interest,  and  afford  crisp  reading  for 
travel  or  repose.  The  nomenclature  of  the  street,  so  vexatious  and 
mysterious  to  the  uninitiated,  will  be  found  all  plain  to  him  that 
readeth. 

While  the  street,  through  its  excitement,  fascination,  and  ventures, 
presents  glittering  temptations  to  men  in  search  of  sudden  gain  and 
allures  within  its  treacherous  whirl  adventurers  from  all  quarters, — 
while  Wall  Street  commands  the  shrewdest,  the  most  talented,  and 
daring  of  operators, — while  it  is  celebrated  for  the  keen  intellect,  far- 
sightedness, and  quick  movements,  of  financiers  who  do  business  on 
its  pavement ; — its  history  for  nearly  two  centuries  demonstrates  that 
no  talents,  quickness  of  parts,  and  no  sharpness  can  guide  to  perma- 
nent success,  unless  blended  with  unswerving  integrity,  industry,  de- 
votion to  business,  and  an  honest  purpose,  that  no  glittering  allure- 
ment can  beguile.  Unscrupulous,  tricky,  and  reckless  men,  come  to 
the  surface  like  volcanic  islands  heaved  up  in  a  night,  and  as  soon 
disappear.  But  men  of  honor,  men  of  repute,  men  of  tried  integrity, 
are  like  the  Gulf  Stream,  that  holds  on  its  w#y  regardless  of  tem- 
pests, tides,  cross-currents,  and  storms  that  sink  navies.  The  history 
of  Wall  Street  is  studded  with  beacons,  that  tell  where  engulfed  char- 
acters and  fortunes  lie  buried.  All  along  the  pathway  of  the  street 
are  noble  characters  who  stand  like  light-houses  on  the  tall,  rocky 
cliffs,  unchanged  and  unmoved  by  the  agitation,  turmoil,  and  ruin,  that 
play  around  their  feet.     Let  him  that  readeth  take  heed. 

M.  II.  S. 


ILLUSTEATIO^S 


r.v.i  . 
1.— WALL  STREET  FROM  CORNER  OF  HANOVER, 

LOOKING  TOWARD  BROADWAY,  Frontispiece. 

2.— WALL  STREET  IN  OLDEN  TIMES,      ....  25 

3.— FEMALE-  BROKERS  SECURING  A  CUSTOMER,    -        -  273 

4.— THE  GOLD  ROOM, 81 

5.— BROADWAY,  NEAR  WALL  STREET,       ....  231 

6.— OLD  TREASURY  BUILDING, 43 

7.— CURB-STONE  OPERATORS, 71 

8.— THE  BOND  OPERATOR, 334 

9.— TOO  MUCH  SPECULATION, 345 

10.— CATCHING  A  FLAT, -  323 

11.— STOCK  EXCHANGE,  BROAD  STREET,    ...        -  75 

12— PARK  BANK, 354 


CONTENTS 


i. 

WALL  STREET  IN  OLDEN  TIMES. 

PAGE. 

EARLY  SPECULATIONS  IN  THE  STREET.— 1670  AND  1870 25 

SHARP  FINANCIERING, 26 

FEDERAL  HALL, 23 

FASHION  IN  WALL  STREET, 30 

COSTUMES, 36 

OLLvAjSTOMS,          .            .           .      •      .            .           .           ...           .            .  37 

WA*L  STREET  RELIGION, .40 

WALL  STREET  AND  THE  BROKERS, 42 


II. 

MODERN  WALL  STREET. 

MODERN  WALL  STREET, 43 

HIGH  CHANGE/ 46 

BULLS  AND  BEARS  IN  CONFLICT, 47 

HOW  STOCKS  ARE  BOUGHT  AND  SOLD 51 

OPERATORS  ON  THE  STREET, 53 

HOW  A  TIGHT  MONEY  MARKET  IS  CREATED,        .  .  .  .  57 

"BLACK  FRIDAYS 59 


III. 

LANGUAGE  OF  WALL  STREET. 

"BUYER  THREE.     SELLER  THREE/' 63 

"  CARRYING  STOCK," 64 

"A  BREAK,-' 65 

"A  BLOCK," 65 

"  BUYING  IN,"   * 66 

"A  CLIQUE," •     .  .66 

"  A  CORNER," 67 

"  A  COVER," .67 

"DEAD  DUCK," 67 


(vii) 


Vlll 


CONTENTS. 


"  FLAT  MARKET,"       . 

"  A  FLYER," 

"  HOLDING  THE  MARKET,' 

"A  LET  UP," 

"LONG  IN  STOCKS,"    . 

"  SHORT  IN  STOCKS,"       . 

11  MILKING  THE  STREET," 

"WIPING  OUT,"       . 

"SALTING  DOWN,"       . 

"A  POOL,"     . 

"  A  GET  OUT,"  . 

"  OFF  MARKET,"      . 

"A  DELIVERY," 

"  CURBSTONE  BROKERS," 

"  BULLS  AND  BEARS," 

"COLLATERALS,"    . 

"DIFFERENCES," 

"  WASHING  THE  MARKET,' 

OTHER  PHRASES, 


PAGE. 

.      68 


68 


IV. 

STOCK  EXCHANGE. 

STOCK  EXCHANGE, 75 

AN  INSIDE  VIEW, 79 

THE  GOLD  ROOM, 81 

SALE  OF  GOVERNMENT  BONDS,  .         • 83 

THE  CLEARING  HOUSE, 83 

GAMBLING  IN  STOCKS, .     .  86 


V. 


THE  ASTORS  IN  WALL  STREET. 


THE  YOUNG  ASTORS, 
ASTORS  START  IN  LIFE, 
GAINS  A  FOOTING, 
BECOMES  A  MERCHANT,  . 
TALK  WITH  PHILIP  HONE,      ► 
ASTORS  CHARITIES, 
AARON  BURRS  LEASES, 
WILLIAM  B.  ASTOR, 
MR.  ASTOR  AT  WORK, 
HIS  PUBLIC  SPIRIT, 


99 
100 
102 


VI. 
JAMES  FISK,  Jr. 


THE  ARCHITECT  OF  HIS  OWN  FORTUNE, 
SETS  UP  FOR  HIMSELF, 


.    104 

106 


CONTENTS. 


IX 


MR.  FISK  AS  A  BUSINESS  MAX,      . 
PERSONAL  TRAITS, 
THK  OPERA  HOUSE,      . 
THE  SEPTEMBER   PANIC, 

RUN  ON  THE  TENTH  NATIONAL  BANK, 


.  i  : 
i  i 

.  112 
113 

.    115 


VII. 


COMMODORE  VANDERBILT  OX  THE  STREET 

VANDERBILT  AND  COLLINS, 

THK  HUDSON  RIVEB  RAILROAD, 

VANDERBILT "S  REVENGE 

VANDERBILT   IN   HIS  OFFICE, 

PERSONAL  INCIDENTS 

RAILROAD  SLAUGHTER, 

PERSONALS,        .  .       ' 

VANDERBILT  AND  HIS  HORSES, 


119 

121 

123 
124 
120 
127 
128 


VIII. 

DAXIEL  DREW. 

EARLY  CAREER. 133 

SEEKS  HIS  FORTUNE, 134 

OPERATES  ON  RAILROADS, '    .  .135 

OPERATOR  IN  THE  STREET, 136 

XAL  AND  DOMESTIC, 137 


IX. 

"  IRREGULARITIES  "  AXD  CRIME  OX  THE  STREET. 


GENERAL  SURVEY. 

ATMOSPHERE  OF  THE  STREET. 

REIGN  OF  TERROR  IN  WALL  STREET, 

IMMORALITIES  OF  THE  STREET, 

A  CASE* IN  POINT, 

A   BHARP  MERCHANT,       . 

THK  '.It EAT  PERIL,       . 

HOW  THE  MONEY  GOES, 

WALL   STREET  WRECKS, 


135 
140 
142 
145 
147 
149 
160 
151 
153 


X. 
GAMBLING  MANIA  IX  WALL  STREET,  AXD  ITS  FRUITS. 

A  CASE  IN  POINT, 

NO  MORAL  PRINCIPLE, 


158 
159 


-x 


CONTEXTS. 


PAGE. 

THE  INFATUATION, .           .  .163 

SHARP  PRACTICE, 1G5 

THE  STREET  ON  THE  OUTSIDE, 167 

THE  SCHUYLER  FRAUD, 168 

LODGINGS  IN  A  TENEMENT  HOUSE,         .            .                        .            .            .  .171 

PERILS  OF  SPECULATION, 173 

HONESTY  LEADS, :    175 


XI. 

JOHN  MORRISSEY. 

BEGINS  BUSINESS  IN  NEW  YORK, 178 

THE  POLLS, 179 

POLITICIANS  WANT  HIM, ISO 

HIS  BUSINESS  AS  A  GAMBLER, *1S2 

HIS  INFLUENCE, „  .v     .     .  .182 

DAY  GAMBLING  HOUSES, 1S3 

THEIR  LOCATION,         .     ' 184 

BEYOND  THE  GRATING, 185 


XII. 


STEWART,  THE  PRINCELY  MERCHANT. 


THE  DOWN  TOWN  STORE,      . 

EARLY  CAREER,      . 

SENSATIONAL  ADVERTISING,. 

HOW  STEWART  DOES  BUSINESS, 

HOSIERY, 

STEWART  AT  HIS  WORK, 

RUNNING  THE  GAUNTLET,    . 

AN  AUTOCRAT, 

A  NAPOLEON  IN  TRADE, 

SHREWD  INVESTMENTS, 

PERSONAL  OF  STEWART,       . 


188 
190 
191 
192 
192 
193 
194 
195 
195 
196 
198 


XIII. 


MINISTERS  IN  WALL  STREET. 


GENERAL  VIEW, 

BOLD  OPERATION, 

DENUNCIATION  OF  STOCK  GAMBLING, 

A  SAD  CHANGE, 

A  MINISTER  IN  JAIL, 

INCIDENTS  OF  INTEREST, 

A  BRILLIANT  WEDDING, 

LO  !    THE  POOR  INDIAN, 


202 
203 
205 
203 
209 
210 
211 
212 


CONTENTS. 


XI 


XIV. 

BONNER,  OF  THE  LEDGER. 


KIS  BIRTH-PLACE,  ETC., 

FOUNDS  THE  LEDGER,     . 

HIS  SYSTEM, 

TACT  AM)  SHREWDNESS, 

HIS  POPULARITY, 

BANCROFT  AND  EVERETT, 

NORWOOD, 

BONNER'S  STUD,     . 

BONNER'S  MEW'S, 

AS  A  MAN,    . 


PAOX 

.  214 
21  I 

.  218 
219 

.  221 
223 

.     1>J:J 

224 

.    22G 

223 


XV. 

BENNETT,  OF  THE  NEW  YORK  HERALD. 


EARLY  LIFE, 

NEW  YORK  CAREER, 

AS  A  JOURNALIST, 

STARTS  THE  NEW  YORK  HERALD 

HERALD  BUILDING,      . 

ARRANGEMENTS  INSIDE, 

EDITORIAL  COUNCIL, 

DOMESTIC  LIFE,     . 

THE  HOUSEHOLD, 

FOREIGN  EMBASSY, 

PERSONAL, 

THE  GREAT  BEAR,  .    ' 

ON  THE  STREET, 

REVERSES,    .... 


231 
281 

232 
233 
234 
235 
230 
■237 
239 
241 
242 
246 
24(5 
24S 


XVI. 

JACOB  LITTLE. 

PORTRAIT, 245 

THE  GREAT  BEAR, 245 

ON  THE  STREET, 246 

REVERSES, 248 

IMITATORS 249 

CAUSE*  OF  DISASTER, 250 


XVII. 

LEONARD  W.  JEROME. 

HIS  START, 252 

ARISTOCRACY  IN  STABLES, 252 

PANIC  OF  '57, 253 

REVERSES 255 


Xll 


CONTENTS. 


XVIII. 

WALL  STREET  ON  HARLEM  LANE. 

PAGE. 

CENTRAL  PARK  AND  FAST  HORSES, 257 

HARLEM  LANE, 258 

DANIEL  MACE, 259 

ON  THE  ROAD, 261 

CELEBRATED  MEN  ON  THE  ROAD, 262 

ON  THE  PIAZZA, 270 


XIX. 

LADY  BROKERS  ON  THE  STREET. 

A  NEW  SENSATION, 272 

CLAFLIN,  WOODHULL  &  CO., 272 

THE  OFFICE, 273 

A  LOOK  INSIDE, 273 

BUSINESS  HABITS, 275 

ANTECEDENTS, 275 

OTHER  CASES, 276 


XX. 

WALL  STREET  AT  HOME. 


FASHION  AND  CHARITY, 
PERIL  OF  NIGHT, 
A  NIGHT  ON  MURRAY  HILL, 
MR.  LENOX'S  GREAT  GIFT, 
EDWIN  D.  MORGAN,     . 
AUGUST  BELMONT, 
R.  L.  AND  A.  STUART, 
PETER  COOPER,      . 
HORACE  GREELEY,       . 
BROWN  AND  BROTHERS, 
GEORGE- LAW,     . 
WILLIAM  E.  DODGE, 
THOMAS  R.  AGNEW,     . 


280 
281 
282 
283 
2S5 
286 
287 
288 
289 
293 
294 
295 


XXI. 

JACOB  BARKER. 


HIS  COLORED  RELATIVE, 298 

NEGRO  ENTERPRISE, 298 

BARKER  AT  THE  NORTH .  .  .299 

BANKER  OUTWITTED, 299 

DERMATOLOGY, 300 


contexts.  xiii 

XXII. 

KIDD  THE  PIRATE. 

PAGl. 

SAILS  FROM  WALL  STREET, 301 

NEW  YORK  HOME,          • 802 

PIRACY, 303 

KIDD  TURNS  PIRATE 804 

BURIED  TREASURES, 304 

TIIE  GIBBET, 805 


XXIII. 

THURLOW   WEED. 

OPERATOR  IN  TILE  STREET,  .  .'         .  .  .  .•  .  .307 

ADVANTAGES,  , 303 

APPEARANCE, 308 

POPULARITY, 309 

TRAITS  PERSONAL, 310 


XXIV. 

STOUT   AND   DICKINSON. 

THE  nOUSE, 312 

OLD  SCHOOL  AND  NEW, 313 

HONOR  AND  SUCCESS, 314 

COMMERCIAL  VALUE  OF  MEN, 315 

XXV. 

DETECTIVES   IN   THE    STREET. 

BOLD  OPERATORS  IN  CRIME, 317 

QUALIFICATIONS  OF  A  DETECTIVE, 319 

TALENTS  OF  THE  DETECTIVES, 320 

FAILURES,  .    * 321 

XXVI. 

HUMOROUS  SIDE  OF  WALL  STREET. 

SHARP  MEN, 322 

SHALL  OF  ITS  AGE 323 

SHARP  TRADE, 323 

DANGEROUS  PASTIME, 324 


XIV  CONTENTS. 


PAGE. 


TRICK  TO  GET  MONEY,         . 326 

EXPERTS 327 

SOLD  OUT  OF  HOUSE  AND  HOME, 328 

TELEGRAPH  IN  WALL  STREET,  .......  329 

SHADOWS  ON  THE  STREET,  .  . 330 

FASHIONABLE  FUNERALS .  .  .       .  331 

A  REASONABLE  REQUEST, 331 

RELIGION  IN  THE  STREET, 332 

THE  WEALTH  OF  TRINITY-, 333 

PRODUCING  A  SENSATION,       .  .  .  ...  .  .  .  334 


XXVII. 

WALL  STREET  AND  THE  MILITARY.  , 

WALL  STREET  AND  THE 'MILITARY, 


XXVIII. 

COLLECTOR  KING. 

THE  GLITTER  OF  OFFICE, "~  .           .  .333 

RUINED  POLITICIANS, '   .           .           .  338 

DUCHESS  OF  ORLEANS 339 

MR.  KING  IN  HIS  COUNTRY  HOME, 340 

OFFICIAL  VEXATIONS .341 

SUICIDE,       . 342 


XXIX. 

WALL  STREET  AND  FIVE  POINTS. 

WALL  STREET  AND  FIVE  POINTS,            ..*....  343 

WALL  STREET  AND  THE  CLERGY,      .           .           . '         .           .           .           .  344 

XXX. 

UNLUCKY  MEN  IN  WALL  STREET. 

OLD  SUPERSTITIONS, .346 

WIZARDS  ON  THE  STREET,        .           .           .           ...           .           .  %        .  347 

LUCKY  AND  UNLUCKY  DAYS .347 

LUCKY  AND  UNLUCKY  MEN, 348 

HOSPITAL  FOR  DECAYED  MERCHANTS, 348 

ILLUSTRATIONS  OF  ILL  LUCK, 350 

THE  DEVIL  ON  WALL  STREET,       .           . 351 


CONTENTS. 


XV 


XXXI. 

HUMORS  OF  BANKING. 


TOO  LITTLE  INK,   "~    . 

INITIALS 

Till:  SHORT  MAN  OF  THE  BIBLE, 

CERTIFYING  A  CHECK,    . 

HEAVY  CHECK, 


853 
854 


XXXII. 

CURIOUS  BANK  HISTORY 


OLD  TYPE  AND  NEW,  . 

THE  OLDEST  BANK, 

THE  EIGHT  ORIGINAL  BANKS 

BARKER, 

CURTIS,     .... 

LORILLARD, 

WOOLCOT, 

GALLATINS, 

PERIT,       .... 

TILESTON,    . 

ROOSEVELT, 

JENKINS,      . 

STILLMAN,  .... 

BANKING  HOUSE  OF  THE  OLDEN  TIME 


XXXIII 


BANK  PRESIDENTS 


THE  BANKS  IN  THE  STREET, 
OLD  FOGIES  AND  PROGRESSIVES, 
BANKS  OF  HONOR  AND  DISHONOR, 
BANK  ASSOCIATION, 
KEEN  FINANCIERING, 
MORRISON,  MANHATTAN  BANK 
STOUT,  SHOE  AND  LEATHER, 
JONES,  CHEMICAL, 
TAYLOR,  CITY. 

WILLIAMS,  METROPOLITAN,      . 
PALMER,  BROADWAY, 
LEYERICH,  NEW  YORK, 
STEVENS,  COMMERCE, 
COE,  AMERICAN, 
KITCHEN,  PARK, 
KNAPP,  MECHANICS, 
BENEDICT,  GOLD, 
SOUTHWORTH,  ATLANTIC, 
DICKINSON,  TENTH  NATIONAL, 
BPROULR,  MERCHANTS'  EXCHANGE, 

2 


.   "' 

355 

.  855 

' 

S56 

.  857 

857 

.  357 
S5S 

■  ■  58 

359 

.  359 


SCI 
361 
302 
3-54 

871 

374 

375 


880 
3«0 
881 

a 
• 

S«4 
CS7 


XVI 


CONTENTS. 


XXXIV. 

WALL  STREET  AT  NIGHT. 


WINDING  UP  THE  BUSINESS  OF  THE  DAY, 
SILENCE  OF  THE  STREET, 
UP  TOWN  STOCK  EXCHANGE, 
BROKERS  IN  THE  HOTELS,      . 
PERSONALS  OF  THE  OPERATORS, 


PAGE. 

.    388 
389 


XXXV. 

WALL  STREET  AT  DORLAN'S. 

CROWD  IN  THE  LITTLE  DEN, 394 

APPEARANCE  OF  DORLAN, 395 

RULES  OF  TRADE, 396 

HIGH  CHANGE, 396 

WHY  DORLAN  DOES  NOT  ENLARGE, 397 

WHY  HE  DOES  NOT  RETIRE, 397 

THE  OYSTER  TRADE, 398 

DORLAN  WITH  THE  JEWS, 399 


XXXVI. 


LEADING  BANKING  HOUSES. 


J.  W.  SELEGMAN  &  CO., 
CLARK,  DODGE  &  CO., 
FISH  &  HATCH,      . 
GROESBECK  &  CO.,       . 
HOWES  &  MACY,    . 
LOCK  WOOD  &  CO., 
MORTON,  BLISS  &  CO., 
TREVOR  &  COLGATE, 
ROBINSON,  COX  &  CO., 
HENRY  CLEWES  &  CO., 
OSGOOD  &  BROTHER, 
DR.  SHELTON,     . 
HALL    GARTEN  &  CO., 
EUGENE  KELLEY  &  CO. 
LEEDS  &  WALLACE, 
DABNEY,  MORGAN  &  CO., 
HENRY  A.  HEISER'S  SONS, 
MARTIN  BROTHERS,    . 
JOSEPH  MILLS,       . 
VERMILYE  &  BROTHER, 
CLOSSON  &  HAYES, 


404 
405 
405 
405 
406 
406 
407 
407 


409 
409 
409 
410 
410 
411 
411 
412 
412 
412 
413 


XVI J 


XXXVII. 

WALL  STREET  DEVOTIONS. 

PACE. 

CATHEDRAL  SERVICE, 414 

WALL  BTREET  AT  PRAYER 414 

BUSINESS  MEN'S  PRAYER  MEETING,                                                                                  •  413 

OF  THE  MEETING, 416 

J:IRST  MEETING, 413 

nOW  THINGS  LOOK  INSIDE, 419 

OPPOSITION, 420 

RELIGIOUS  LOAFERS, 421 


XXXVIII. 

JAY  COOKE. 

HIS  ANCESTRY, 424 

COMMENCES  BANKING  AT  SEVENTEEN 425 

JAY  COOKE  &  CO., 425 

NEGOTIATES  THE  WAR  LOAN, 426 

MR.  COOKE  IN  HIS  COUNTRY  HOME  AND  AS  A  MAN  OF  BENEVOLENCE,         .  42S 


XXXIX. 

RUFUS  HATCH. 
PERSONAL, .    430 


XL. 
GENERAL  H.  H.  BAXTER. 

"  THE  FINEST  LOOKING  MAN  IN  NEW  YORK," 432 

HIS  EARLY  CAREER, 433 

HIS  SUCCESS  IN  WALL  STREET, 434 

HIS  IDENTIFICATION  WITH  GREAT  RAILROAD  INTERESTS,   ...  436 

HIS  BENEVOLENCE  AND  HOSPITALITY,  ETC. 437 


"       XLI. 
WALL  STREET  AND  THE  FISHMONGERS. 

FISHMONGERS'  ASSOCIATION, 440 

AIMS  OF  THE  ASSOCIATION, 442 


XV111 


CONTENTS. 


XLII. 

REMOVAL  OF  THE  STOCK  EXCHANGE. 

WHAT  SOME  PROPOSE  IN  REGARD  THERETO,  .... 
WALL  STREET  FOUND  TO  BE  THE  REAL  FINANCIAL  CENTRE, 
THE  GREATEST  OPERATORS  LIVE  IN  BROOKLYN,  ETC., 


PAGE. 

.    443 

444 

.    445 


XLIII. 

FAST  LIFE  ON  THE  STREET. 


RECREATIONS  OF  THE  FAST  CLASS, 

A  RUINED  MAN,  ONCE  A  FINANCIAL  KING, 

THE  FAST  MEN  OF  THE  CLUB  HOUSES,   . 

THE  CLUB  HOUSES,  AND  HOW  THEY  DINE  THERE, 


446 

447 
448 
449 


XLIV 


MARKED  WOMEN  OF  WALL  STREET 


MARTHA  WASHINGTON, 
ABIGAIL  ADAMS,    . 
ESTHER  REED,  . 
LUCY  KNOX, 
MARY  REDMAN, 
LYDIA  GATES, 
MRS.  GRISWOLD, 
MRS.  CALDWELL,   . 
MARY  WASHINGTON, 
MODERN  WOMEN,  . 


450 
450 
451 
451 
452 
452 
453 
454 
454 
455 


XLV. 

MEN  OF   THE   BAR. 


LAWYERS  ON  THE  STREET, 

POOR  PAY,    . 

EMINENT  MEN, 

GEORGE  WOOD— WHAT  MR.  WEBSTER  SAID  OF  HIM, 

JOHN  GRAHAM, 

THE  McFARLAND  TRIAL, 

THE  RECORDER,  

DISTRICT  ATTORNEY  GARVIN, 
MR.  GRAHAM  ON  THE  DEFENSE,    . 
MR.  GRAHAM  AFTER  THE  VERDICT, 


456 
456 
457 
457 
458 
458 
459 
459 
460 
460 


CONTENTS. 


XIX 


XLVI. 

HORACE  B.  CLAFLIN. 


IITS  COMMERCIAL  PALACE, 

MR.  CLAFLIN 'S  PERSONAL  APPEARANCE, 

RIVALRY  WITH  STEWART,    . 


PAG  P.. 

.     475 

476 

.     473 


XLVII. 

HALF  A  CENTURY  IN  WALL  STREET.— ROMANCE  OF  BUSINESS. 


ARTHUR  TAPPAN, 

HOW  A  MILLIONAIRE  WAS  MADE,      . 

STEPHEN  WHITNEY,    . 

HENRY  KEEPS  START,    . 

PETER  GILSEY, 

AMOS  R.  ENO,  .... 

JOHN  J.  CISCO,  .... 

WILLIAM  B.  DUNCAN,      . 

JOHN  HANCOCK  IN  NEW  YORK,      . 

ETIQUETTE  WITH  WASHINGTON, 

RIVAL  POLITICAL  SAVANS, 

PRESBYTERIAN  CHURCH  ON  WALL  STREET 

ROBERT  LENNOX'S  PEW,       .  . 

LILLY  GRAYS  COACHMAN, 

ANECDOTE  OF  WEBSTER,       . 

THE  KINGS  TEA  TRADE, 

LULLS  AND  BEARS  IN  REAL  ESTATE, 

CORNERING  MERCHANDISE,       . 

FATHER-IN-LAW  OF  PENNIMAN,     . 

PRESERVED  FISH, 

MAYOR  LAWRENCE,     . 

OLD  STYLE  OF  MERCHANTS,     . 

HUGE  RAIL  ROAD  SPECULATIONS, 

E.  D.  MORGAN  IN  TRADE, 

MAYOR  MICKEL. 

OLD  ABRAHAM  BENINGER, 

LINDLEY  MURRAY, 

HOE'S  EARLY  LIFE, 

SCHUYLER  LIVINGSTON, 

IRVING'S  LAW  OFFICE,    .  •    ,      • 

DAVIES  AND  DELEVAN, 

WILDER  AND  THE  TRACT  SOCIETY,   . 

BISHOP  PROVOST,         .  . 

GIRARD  THE  LAWYER,   . 


430 
•M 
4^1 
485 
4S6 
4S3 
4*S 
480 
4b9 
4S9 
4S9 
489 
400 
401 
491 
492 
493 
493 
498 
494 
494 
491 
405 
495 
496 
496 
407 
497 
493 
498 
499 
499 
499 
500 


XX 


CONTENTS. 


XLVIII 


NOTED  HOUSES 


I.10SE3  TAYLOR, 

RICHARD  SMITH,   .... 

KNOWLES  TAYLOR,       . 

FREDERICK  AND  HARYEY   SHELDON, 

LANE,  LAMSON  &  CO., 

PHELPS,  CHITTENDEN  &  CO., 

DANIEL  PARISH, 

LORD  &  TAYLOR,  .... 

THE  KINGSLANDS, 

CALEB  0.  IIALSTEAD, 

WILLIAM  II.  CAREY  &  CO., 

FAILURE  AND  HONOR,     . 


PAGE. 
.     501 

601 
.    501 

502 
.    502 

502 
.    502 

502 
.    503 

503 
.    504 

504 


XLIX. 

THE  ROMANCE  OF  REFORM. 


A  LADY  OPERATOR,     . 
STARTLING  CONFESSION, 
HEROIC  SACRIFICE,      . 
ROMANTIC  HUMANITY,    . 
AFFECTING  SCENE,      . 
A  NEW  HOME, 


507 
507 
60S 
503 
509 
510 


L. 


THE  PRESS  AND  LITERATURE  OF  WALL  STREET. 


TRYING  IN  WALL  STREET,     . 

THE  OLD  NEW  YORK  PRESS,     . 

ITS  EDITORS,      .... 

THE  LITERARY  CLUB  AT  WINDUST"S, 

SPIRITUALISM, 

DANDY  MARKS,       .... 

PERSONAL  OF  THE  OLD  PRESS,      . 

WEBB,  STONE,  CLARK,  BRYANT,  HALE, 

THE  MAD  POET, 

THE  MODERN  PRESS, 

EMINENT  FINANCIAL  EDITORS,      . 

THEIR  PECULIARITIES, 

THE  FINANCIAL  EDITORS,    . 

PAST  AND   PRESENT, 

THE  MAKERS  OF  PUBLIC  OPINION, 

A  GENERAL  REYIEW  OF  THEM, 

THEIR  INDUSTRY  AND  RESPONSIBILITY 

"OF  US  BUT  NOT  WITH  US,"'    . 


BE  A  CI 

[, 

511 
511 
512 
512 
513 
5!4 
515 
513 
51S 
513 
5£0 
520 
520 
522 
521 
521 
521 
521 


CONTENT. 


.-NOW,  TRIBUNE, 

1KB,  TRIBUNE, 
THE  RETIRED  AND  LIVING, 
\  I  LARKE,  TRIBUNE, 
KITTELL.  HERALD. 

- 
:.  HERALD, 
JWALLIS,  HERALD,   . 
3T,      . 
MARSLA 
DTNSMORE,  POST, 

LL  ADVERTISER, 
THE  PRES1 

THE  MORNT2  -  . 

STONE,  JOURNAL  Of  •  OMMERCE, 

.... 
MELLIS.  WORLD, 

ATRICK,  OERAIJJ 
3,  TRIBUNE, 
- 
THE  EVENING  PR]     - 
JACKS  E§g, 

WHITr 
DODSWORTH,  COMMERCIAL  ADVERTISER, 


!    - 

- 
■ 

522 
525 

'. 
52 
52 
527 

■-' 
-  - 

52 

531 


LI. 

EMINENT  CLERGYMEN  IN  WALL  STREET. 


DR.  EDWARD  PA    - 
WHITFIELD. 
V.    . 

with?   -  n  the  street, 

>.  the  ideal  man,  . 
t;ie  real  man.    . 

kino  down  the  pin- 
hts  v  man  <>f  the  world, 
influence  over  the  tous 


• 

\ 
• 
537 


LI  I. 

MUTUAL  LITE  INSURANCE  COMPANY. 


THE  SYSTEM 

AVERAGE  DEATH 

•G  MUTUAL  LIFE.     . 
[DENT  AND  VICE-PRESIDENT, 

. 


642 
643 


XXII 


CONTENTS 


LIII. 

WHO  MAKE  MONEY  ON  WALL  STREET  AND  WHO  LOSE  MONEY. 


THE  WEALTH  OF  THE  STREET,       . 

MONEY  EASILY  MADE,     .  .      ,      . 

POOR  ROYS  AND  RICH  MEN, 

WHO  MAKE  MONEY,  .  .  . 

1st.— THOSE  WHO  RUY  AND  SELL, 
2d.— WHO  RUY  IN  A  PANIC,  . 
3d.— WHO  RUY,  PAY,  AND  KEEP, 
4th.— WHO  AVERAGE  STOCKS,      .     . 
5th.— CONTENT  WITH  SMALL  GAINS, 
6th.— WHO  CONTROL  THE  STREET, 

WHO  LOSE"  MONEY,       . 

lst-ALL  CAUGHT  EY  A  PANIC, 

MYSTERY  AND  TERROR  OF  A  PANIC, 

CAUSES  OF  A  PANIC, 
2d.— GREEN  OPERATORS,     . 
3d.— SMALL  DEALERS, 
4th.— INFATUATED  WOMEN, 
5th.— INDUSTRIOUS  SPECULATORS, 
6th.-DEALERS  IN  POINTS,       .     . 


PAGE. 

.  544 

545 
.  546 

549 
.  549 

550 
.  550 

550 
.  551 

551 
.  552 

552 
.  553 

553 
.  553 

554 
.  654 

555 
.  556 


I. 

WALL  STREET  IN  OLDEN  TIMES. 

EARLT    SPECULATIONS    IN    THE    STREET. — 1670   AND    1870. GEN.  WASHINGTON 

IN  WALL  STREET. — SHARP  FINANCIERING. — FEDERAL  HALL. — FASHION  IN- 
WALL  STUEET. — CURIOUS  COSTUMES,  AND  CUSTOMS. — SLAVERY. — WALL 
STREET    RELIGION. — THE    STREET   AND    THE    BROKERS. 

The  early  inhabitants  of  the  city  were  in  fear  of  an 
invasion  from  the  restless,  energetic  people,  who  lived 
in  Xew  England.  The  Indians  came  to  their  very 
cabin  doors  and  scalped  their  victims  in  sight  of  their 
friends.  As  a  defence,  it  was  resolved  to  build  a  wall 
at  the  northern  boundary  of  the  city  running  from 
river  to  river.  The  wall  was  composed  of  stone  and 
earth.  It  was  covered  with  salt  sods.  It  had  a  ram- 
part. It  was  protected  by  a  ditch  and  double  stock- 
ades. The  wall  was  topped  by  palisades  composed  of 
posts  twelve  feet  long  and  six  inches  thick.  These 
posts  were  sunk  three  feet  into  the  ground  and  pointed 
at  the  top.  The  rampart  behind  the  wall,  called  the 
Cingel,  was  prepared  for  cannon.  The  entrance  into 
the  city  was  through  gates,  which  were  wooden  and 
very  heavy.  The  gates  were  closed  at  nine  o'clock 
and  opened  at  sunrise.  The  opening  and  shutting  of 
them  were  announced  by  the  discharge  of  guns.  Along 
this  line  of  fortifications  a  new  street  was  laid  out  in 

-,       ....    -  -  25 


26         WALL  STREET  LN  OLDEN  TIMES. 

1685,  when  "Dougan  was  Gouarnor  Generall  of  his 
Majesties'  Coll.  of  New  Yorke."  "The  saide  street 
being  laide  out  thirty-six  foot  in  bredth ; — this  service 
being  performed  the  sixteenth  day  of  December."  The 
city  was  guarded  by  watchmen  composed  of  "good 
and  honest  inhabitants."  They  were  on  duty  from 
the  hour  of  nine  till  daybreak.  They  patrolled  the 
city  once  in  each  hour  with  a  bell  in  hand,  proclaim- 
ing the  weather  and  the  hour  of  the  night. 

The  street  laid  out  by  the  side  of  the  wall  took  the 
name  which  it  has  borne  to  the  present  time.  It  was 
the  extreme  northern  limit  of  the  city,  and  soon  be- 
came a  favorite  residence  of  the  uptown  aristocracy. 
The  territory  west  of  Broadway  and  stretching  north, 
was  known  as  the  King's  Farm.  Beyond  the  wall  at 
the  north  and  east  of  Broadway,  were  high  and  pre- 
cipitous hills  occupying  the  site  of  the  Maid's  Patfr,  as 
Maiden  Lane  was  then  called,  Beekman  Street  and  the 
site  of  the  City  Park.  Cattle  herded  in  the  streets, 
and  Broad  Street  and  New  Street  were  famous  as  sheep 
pastures.  The  city  was  full  of  tan-pits  which  were 
early  voted  a  nuisance  and  ordered  to  be  removed  to 
the  "swamp,"  beyond  the  gates. 

SHARP  FINANCIERING. 

Over  Wall  Street  the  genius  of  speculation  seems 
early  to  have  hovered.  The  very  soil  was  friendly  to 
sharp  practice.  The  street  had  hardly  been  laid  out 
before  shrewd  men  commenced  ojDerations.  They 
purchased  large  tracts  for  speculation.  Against  a 
powerful  opposition  they  took  the  Town  Hall,  the  cen- 
tre of  authority,  from  the  Battery  and  brought  it  to 


WALL  STREET  IN  OLDEN  TIMl  -  "J, 

Wall  Street.    Where  the  Treasury  building  now  stands 

the  City  Hull  reared  its  imposing  front.  Trinity  Parish 
was  induced  to  plant  itself  in  the  new  uptown  location. 
Authority,  fashion,  and  religion  united  to  give  an  early 
celebrity  to  a  street  that  has  become  so  famous  in  all 
parts  of  the  world.  For  two  centuries  the  tower  of 
Trinity  has  chimed  the  hour  of  prayer  and  tolled  the 
passing  bell  at  the  head  of  the  short,  narrow  thorough- 
fare, which  for  centuries  has  been  the  financial  centre 
of  the  continent,  and  made  and  marred  the  fortunes  of 
thousands.  In  1670  as  in  1870  land  was  more  valua- 
ble in  Wall  Street  than  in  any  other  part  of  the  city. 
History  does  not  go  back  so  far  as  to  indicate  when 
the  money  changers  began  their  operations  in  this 
famed  locality.  In  every  period  of  the  history  of  Xew 
York,  Wall  Street  has  been  pre-eminent.  As  it  is  to- 
day, so  it  always  has  been.  The  richest  men  in  Xew 
York  are  Wall  Street  operators.  Men  who  live  in  the 
most  costly  dwellings  hail  from  Wall  Street.  In  Cen- 
tral Park  the  gayest  equipages,  and  the  most  extrava- 
gant turnouts,  belong  to  brokers.  The  most  costly 
parties,  brilliant  receptions,  elegantly  dressed  ladies, 
the  gay  and  extravagant  at  Saratoga  and  Newport, 
are  connected  with  stock  operations.  »  In  Wall  Street 
will  be  found  the  sharp,  decisive,  keen,  daring  intellect 
of  the  nation.  Its  influence  is  felt  in  every  portion  of 
the  land.  Men  who  "corner"  stocks  in  Wall  Street, 
corner  wheat,  flour,  and  pork ;  cotton,  produce,  and- 
coal.  They  can  produce  a  panic  in  an  instant,  that 
will  be  felt  like  an  earthquake,  on  the  Pacific  slope, 
sweep  like  a  besom  of  destruction  over  the  great  Lakes ; 
be  as  irresistible  on  the  seaboard  as   the  long  roll  of 


28  FEDERAL  HALL. 

the  Atlantic  beating  with  giant  strength  its  rock-bound 
coast.  A  Wall  Street  panic  comes  suddenly  like 
thunder  from  a  clear  sky.  No  shrewdness  can  foresee 
and  no  talent  avert  it.  A  combination  without  a  mo- 
ment's warning  can  be  formed  that  will  sweep  away 
the  fortunes  of  merchants  in  an  hour,  shipwreck  specu- 
lators, ruin  widows  and  orphans,  make  farmers  grow 
pale,  and  harm  every  industrial  and  mechanical  inter- 
est in  the  land.  How  this  is  done ;  how  fortunes  are 
made  and  lost;  who  loses  and  who  wins,  will  be  shown 
in  this  book. 

FEDERAL  HALL. 

Where  the  imposing  granite  building  of  the  United 
States  Treasury  now  stands,  brilliant  in  painting  and 
gilding — stood  the  humbler  building  of  olden  time, 
known  as  the  City  Hall.  It  was  built  of  brick.  The 
first  story  was  open,  like  a  market  paved  and  without 
stalls.  In  the  second  story  was  a  receding  portico 
adorned  with  brick  columns  which  faced  Broad  Street. 
This  building  was  the  seat  of  authority.  Here  the 
Courts  were  held,  and  justice  administered.  Its  gar- 
ret was  a  prison  for  debtors.  Its  dungeons,  dark  and 
dreary,  were  for  criminals.  It  had  cages  for  the  des- 
perate. In  and  around  the  City  Hall  were  instruments 
of  punishment  peculiar  to  the  age.  The  whipping- 
post, the  pillory  and  the  stocks,  occupied  a  conspicuous 
place  in  Broad  Street.  The  gallows  was  packed  away 
in  the  basement  with  other  implements  of  civilization. 
Where  the  Bull's  and  Bears  now  rage,  culprits  were 
tied  to  the  tail  of  a  cart  and  whipped  up  and  down 
the  street.  This  was  a  favorite  punishment  inflicted 
on  the  Quakers.     They  were  also  fastened  to  a  wheel- 


FEDERAL  HALL.  2\) 

barrow  and  compelled  to  do  menial  work  about  the 
streets.  A  degrading  punishment  was  riding  in  public 
a  wooden  horse.  The  first  culprit  on  whom  this  in- 
famous punishment  was  inflicted  was  a  woman  named 
Mary  Price,  and  she  gave  her  name  to  this  mode  of 
torture.  The  victim  was  lashed  to  the  back  of  a  wooden 
horse  which  was  placed  in  the  bottom  of  a  cart.  Be- 
side the  public  exposure  the  populace  were  privileged 
to  greet  the  procession  with  any  vile  missiles  that  were 
handy. 

While  the  British  held  possession  of  Xew  York,  the 
City  Hall  was  crowded  with  prisoners  who  were  under 
the  charge  of  a  brute,  named  Sarjeant  Keefe.  On  the 
entrance  of  Washington  into  the  city  the  prisoners 
were  filled  with  alarm,  supposing  that  they  would  all 
be  butchered.  Keefe  was  more  frightened  than  all. 
As  he  was  fleeing  from  his  charge,  the  prisoners  asked 
him  :  "What  is  to  become  of  us?"  "You  may  all  go 
to  H — 1,"  was  the  gruff  reply.  "  We  have  had  too  much 
of  your  company  in  this  world,"  they  answered,  "  to 
follow  you  to  the  next," 

The  City  Hall  soon  assumed  the  name  of  Federal 
Hall.  From  the  balcony,  fronting  on  Broad  Street, 
the  oath  of  office  was  administered  to  Washington  as 
President  of  the  United  States  amid  the  shoutings  of 
assembled  thousands.  In  the  building  where  the  Dutch 
ruled  ;  where  that  rule  was  transferred  to  the  English ; 
where  the  City  Government  absorbed  the  authority  of 
the  town ;  where  the  Colonial  rule  gave  place  to  the 
United  States, — there  the  American  nation  began  its 
marvelous  and  irresistible  career. 


30-  FASHION  IN  WALL  STREET. 


FASHION  IN  WALL  STREET. 


Wall  Street  early  became  the  fashionable  centre  of 
New  York.  The  establishment  of  the  Federal  Gov- 
ernment there  made  it  the  Court  end  of  the  town.  In 
the  immediate  vicinity  lived  the  officials,  and  the  fash- 
ionable families  clustered  around  them.  Washington 
did  not  live  in  Wall  Street,  but  it  was  the  centre  of 
public  promenades.  Ladies  and  gentlemen  rode  on 
horseback.  There  were  few  coaches  at  that  time.  It 
was  regarded  as  a  mark  of  very  great  prosperity  to  set , 
up  a  one-horse  chaise.  Three  houses  are  memorable 
as  having  been  occupied  by  Gen.  Washington.  On  the 
crisp  morning  in  November,  when,  as  General  of  the 
victorious  army,  in  company  with  Adams,  Hamilton, 
Knox,  and  others,  he  moved  through  Broadway  to  the 
City  Hall  and  took  possession,  Washington  had  his 
headquarters  in  the  building  still  standing  on  the  cor- 
ner of  Broad  Street  and  Pearl.  The  room  remains  in 
which  warriors  and  eminent  Americans  offered  Wash- 
ington a  crown.  A  dark  cloud  hung  over  the  Ameri- 
can people.  Geographical  disputes  raged  intensely. 
Parties  were  numerous  and  pursued  each  other  with 
intense  bitterness.  No  Government,  it  was  said,  could 
be  formed.  The  black  gulf  of  anarchy  yawned  to  re- 
ceive the  young  nation.  "George  the  first,"  who  had 
led  the  people  to  victory,  could  alone  control  them. 
He  was  in  supreme  command.  He  was  the  idol  of  the 
army.  He  could  rule  as  beneficently  as^  a  king  as  he 
had  done  as  a  warrior.  The  crown  was  within  his 
reach.  He  had  but  to  stretch  out  his  hand  and  take 
it.     As  he  placed  it  on  his  head,  the  nation  would 


FASHION  IN  WALL  &REET,  31 

ratify  the  act  with  acclamation.  Washington  spurned 
the  insulting  proposal  with  an  indignation  he  did  not 
care  to  conceal.  Congress,  he  said,  was  the  source  of 
all  power,  from  whom  Government  must  proceed.  Lest 
he  might  be  tempted,  on  that  day,  in  the  very  room 
where  the  proposal  was  offered  to  him  that  he  should 
accept  the  throne,  he  wrote  that  memorable  letter  in 
which  he  returned  his  commission  to  Congress,  sheath- 
ed his  sword,  and  retired  to  private  life — to  be  called 
back  to  more  than  kingly  power. 

After  his  inauguration  as  President,  Washington  re- 
sided in  the  building  now  known  as  No.  1,  Broadway. 
Clinton  had  his  headquarters  in  that  house.  In  one  of 
its  small  rooms  Arnold  had  his  first  personal  interview 
with  Andre, — and  like  Judas  at  the  Palace  of  the  High 
Priest,  named  the  price  of  his  treason,  and  struck 
hands  with  the  enemy  of  his  country.  After  he  fled 
from  West  Point,  Arnold  resided  near  the  headquarters 
of  Clinton.  He  was  despised  and  insulted  by  British 
soldiers.  His  house  was  protected  by  troops.  When 
he  appeared  in  the  street  he  was  guarded  by  an  escort. 
He  was  known  in  the  city  as  the  "  Traitor  General/' 
While  in  this  refuge  he  met  an  American  officer. 
c;  What  would  my  countrymen  do  to  me  if  they  caught 
me  ?"  asked  Arnold.  The  officer  replied :  "They  would 
cut  off  your  limb  wounded  in  the  cause  of  liberty,  and 
bury  it  with  the  honors  of  war.  The  rest  of  your  body 
they  would  hang  on  a  gibbet." 

State  dinners  and  levees  were  held  in  the  Franklin 
House,  at  the  nead  of  Cherry  Streets  Tea,  coffee,  and 
cake  were  handed  round,  and  here  the  first  American 
court  was  set  up.     At  the  levees,  Washington   was 


32  FASHIONS  IN  WALL  STREET. 

scrupulously  exact.  He  wore  a  dark  silk  velvet  coat 
of  the  old  cut,  ruffles  at  the  wrist,  lace  cravat,  ruffled 
shirt,  breeches,  black  silk  hose,  low  shoes  with  silver 
buckles.  He  wore  his  hair  powdered  and  in  a  bag. 
A  small  dress  sword  completed  his  costume.  He  gave 
the  key-note  to  fashion.  His  habits  were  very  simple. 
He  rose  at  four  o'clock  in  the  morning.  He  retired  at 
nine  at  night.  On  Saturday  he  rode  out  in  state. 
Then  he  used  his  coach  and  six,  partly  for  style,  partly 
from  necessity.  It  was  the  most  splendid  looking  car- 
riage ever  seen  in  New  York.  It  was  very  large,  and 
gave  the  six  Virginia  bays  attached  to  it  all  they  could 
do  to  draw  it.  It  was  of  cream  color,  globular  in 
shape,  and  ornamented  with  cupids,  festoons  and 
wreaths  arranged  along  the  panel-work.  The  win- 
dows were  of  the  best  plate  glass.  The  President  fre- 
quently rode  on  horseback  about  the  city,  but  more 
frequently  took  his  recreation  on  foot.  Even  his  state 
dinners  were  very  simple.  In  a  preserved  letter  we 
find  an  invitation  from  the  President  to  a  dinner.  A 
bill  of  fare  was  then  unknown.  But  the  party  invited 
was  notified  of  the  repast  that  awaited  them.  "  A 
ham,  roast  beef,  small  dish  of  greens,  pies,  if  the  cook 
could  be  made  to  understand  that  apples  will  make 
pies,"  were  promised.  It  was  the  President's  practice 
to  eat  of  but  one  dish.  In  the  absence  of  a  chaplain 
he  himself  said  a  very  short  grace.  After  the  dessert 
one  glass  of  wine  was  passed  round  the  table  and  no 
more.  No  toasts  were  drank.  Immediately  after  the 
wine  was  passed,  .the  President  arose  from  the  table, 
the  guests  followed,  and  soon  departed  without  cere- 
mony.     Once  a  week  Gen.  Washington  attended  a 


FASHIONS  I\  WALL  STREET.  33 

small  theater  in  John  Street,  The  whole  concern,  the 
State-box  and  all,  conld  have  been  placed  on  the  stage 
of  the  Academy  of  Music.  Mra  Washington's  levees 
were  very  fashionable.  Mrs.  Adams  wished  to  intro- 
duce at  these  levees  of  state  the  French  custom  of  an- 
nouncing visitors.  Mrs.  Washington  consented  with 
great  reluctance,  for  she  knew  the  repugnance  of  the 
General  to  any  attempt  to  ape  the  airs  of  European 
courts.  It  was  agreed  that  the  custom  should  be 
tried  for  once,  and  Mrs.  Adams  undertook  to  engineer 
it  through.  Servants  were  stationed  at  proper  dis- 
tances from  the  main  entrance,  up  the  stairs,  along 
the  corridors  to  the  chamber  of  audience.  Jefferson 
arrived.  His  name  was  announced  at  the  door.  Sup- 
posing some  one  was  calling  him  he  responded : — 
k,Here  !"  He  heard  his  name  announced  on  the  stairs. 
He  cried: — "  Coming!"  He  heard  it  announced  be- 
yond the  corridor.  Annoyed  at  the  pertinacity  with 
which  he  was  called,  he  shouted : — "I'm  coming,  I  tell 
you,  as  soon  as  I  get  my  coat  off;  can't  you  wait 
a  minute '."',  The  simplicity  of  Jefferson  covered  Mrs. 
Adams  with  confusion.  The  President  positively  for- 
bade the  repetition  of  the  ridiculous  service. 

An  Englishman  had  expressed  a  desire  to  see  the 
Sovereign  of  this  country.  He  was  standing  on  the 
steps  of  Federal  Hall,  conversing  with  an  American. 
"I  think  you  have  desired  to  see  our  President,"  said 
the  New  Yorker.  "Do  you  see  that  tall  gentleman 
coming  this  way?  That  is  Gen.  Washington."  "Can 
it  be  possible,  and  all  alone?  Why  he  has  no  body 
guard,"  said  the  Englishman.  He  had  never  seen  a 
sovereign  in  Europe  who  was  not  surrounded  by  a 
3 


34  .         FASHIONS  IN  WALL  STREET. 

guard  to  keep  his  subjects  from  being  too  familiar  with 
his  anointed  person.  "  Gen.  Washington  has  the 
most  numerous  body  guard  of  any  sovereign  in  the 
world/'  said  the  American.  "Where  is  his  body 
guard,  I  don't  see  it?"  "Here,"  said  the  New  Yorker, 
placing  his  hand  on  his  breast,  "  here  in  my  heart,  and 
in  the  heart  of  every  loyal  American." 

Hamilton's  residence  was  on  the  site  of  the  old  Me- 
chanics' Bank,  on  the  north-west  corner  of  Wall  and 
Water  streets.  Here  he  wrote  his  contributions  to  the 
Federalist  The  Mansion,  down  whose  steps  he  went 
to  fight  the  duel  with  Burr,  was  on  Broadway,  just 
south  of  Wall  Street.  His  garden  ran  down  to  New 
Street.  Burr  lived  near  Wall  street,  at  the  corner  of 
Nassau  and  Pine.  Mrs.  Arnold  ran  her  brief,  dashing 
and  ruinous  career  in  this  neighborhood.  She  was  not 
a  suitable  woman  to  make  a  poor  man's  wife,  and  a 
poor  man  Arnold  was.  Goaded  by  her  extravagance, 
he  struck  hands  with  the  enemy,  and  attempted  to  sell 
his  country  for  gold.  It  was  the  custom  to  arise  at 
dawn  and  breakfast  immediately.  The  dinner  hour 
was  twelve  exactly.  The  teakettle  was  set  on  the  fire 
and  tea  punctually  furnished  at  three  o'clock.  There 
were  no  dinner  parties.  Going  out  to  tea  was  very 
common,  and  visitors  came  home  before  dark.  In  the 
shades  of  the  evening,  families  sat  out  on  their  stoops, 
saluting  passing  friends,  and  talking  to  neighbors 
across  the  narrow  streets.  The  gutters  ran  in  the 
middle  of  the  street.  Serving  women  wore  short 
gowns  of  green  baize  and  petticoats  of  linsey  woolsey 
quilted.  "Tea  water"  was  expensive.  Everything 
had  to  submit  to  scrubbing  and  scouring,  and  dirt  was 


.V   WAL  '    5  ET. 

■  endured  Green  tea  and  loaf  sugar  came  in  as 
luxuries  together.  It  was  considered  vulgar,  to  dis- 
solve sugar  in  tea.  A  lump  was  placed  by  the  side  of 
each  guest,  and  a  piece  was  nibbled  off  as  the  tea  was 
drank.  One  custom  was  to  tie  a  lump  of  sugar  t«>  a 
Dg  suspended  from  the  wall,  which  was  thrown 
from  party  to  party,  each  taking  a  nibble  as  it  pass 
around.  Well-to-do  families  cleansed  their  own  chim- 
ps, prepared  their  own  fuel,  and  bore  homeward  the 
meal  they  were  to  use  for  bread. 

The  first  houses  built  in  Wall  Street  were  nu 
of  wood,  very  rude.  The  chimneys  were  made  of 
board  and  plastered.  The  roofs  were  thatched  with 
reeds,  or  covered  with  canvas.  These  yielded  to 
houses  of  Dutch  brick,  many  of  which  were  glazed  and 
ornamented.  Nearly  every  house  stood  with  gable 
end  to  the  street.  The  windows  were  small,  and  in 
the  better  class,  the  room  was  ceiled  with  oaken  panel- 
work,  which  was  well  waxed.  Many  of  the  dwellings 
had  brick  ends,  the  sides  being  constructed  of  planks 
and  logs.  The  gutters  extended  into  the  street,  and 
poured  their  contents  upon  the  travelers,  for  there 
were  no  sidewalks.  Maiden  Lane,  originally  known 
as  the  Maid's  Path,  obtained  its  name  from  the  custom 
of  young  women  going  out  into  the  fields  to  bleach 
the  family  linen. 

The  furniture  in  the  dwellings  in  Wall  Street  in  the 
earlier  time,  in  the  common  houses  was  very  rude. 
Plain  people  used  settees  and  settles,  the  latter  with  a 
bed  concealed  in  the  seat.  Pillows  and  blankets  were 
exposed  as  ornaments  in  the  corner  of  parlors.  Each 
house  contained  an  iron-bound  chest  for  linen.     The 


36    •  COSTUMES. 

settle  maintained  its  place  of  honor  in  the  chimney- 
corner.  In  better  times  the  chimney  was  ornamented 
with  Dutch  tiles.  Pewter  mugs  supplied  the  place  of 
cups.  Settles  were  used  to  guard  the  back  from  wind 
and  cold.  In  wealthy  families,  small  silver  coffee  and 
teapots  were  used,  with  a  silver  tankard  for  toddy. 
Gilded  looking-glasses  and  picture-frames  were  un- 
known. A  huge  chest  of  drawers  ornamented  the 
parlor,  reaching  to  the  ceiling.  These  contained  the 
household  treasures,  and  were  overhauled  before  com- 
pany. No  carpets  were  used,  but  silver  sand  drawn 
into  fanciful  twirls  by  a  broom,  adorned  the  floor. 
Dipped  candles  in  brass  or  copper  candlesticks  lighted 
the  room.  The  walls  were  not  papered,  but  white- 
washed. 

COSTUMES. 

The  men  and  women  were  stiffly  corseted,  with 
waists  unnaturally  long ;  hips  artificial ;  shoulders  and 
breasts  stuffed;  and  immense  hoops.  The  women 
wore  no  bonnets ;  high-heeled  shoes,  dresses  open  in 
front,  displaying  a  stout  quilted  petticoat,  sometimes 
of  silk  or  satin,  usually  of  woolen,  were  common. 
The  "  Queen's  night-cap,"  as  it  was  called,  the  style 
always  worn  by  Lady  Washington,  was  in  general 
use.  White  aprons  with  large  pockets,  often  made  of 
silk,  and  of  various  colors,  were  fashionable.  The 
shoes  were  of  cloth.  When  very  stylish  they  were  of 
calfskin.  Ladies  wore  no  veils.  Masks  were  common 
in  the  winter,  with  a  silver  mouth-piece,  by  which 
they  were  retained.  Umbrellas  were  unknown,  but 
ladies  and  gentlemen  wore   "rain-coats.'7     Visits  of 


OLD  CUSTOMS.  37 

ceremony  by  ladies  were  performed  on  foot,  or  at  best 
on  a  pillion  behind  some  gentleman. 

The  style  of  a  gentleman's  dress  was  a  cocked-hat 
and  wig ;  large  cuffed,  big-skirted  coat,  stiffened  with 
buckram.  The  beaux  had  large  wadded  plaits  in  the 
skirts,  and  cuffs  reaching  to  the  elbow.  Fine  cambric 
linen  stocks  were  secured  by  a  silver  buckle  on  the 
back  of  the  neck.  Ruffles  for  the  bosom  and  sleeves 
were  worn.  Boots  were  unknown,  and  shoes  were 
adorned  with  buckles.  Gold  and  silver  sleeve  buttons 
were  set  with  paste  of  divers  colors.  Boys  wore  wigs, 
and  in  dress  were  miniature  men.  As  a  mark  of 
wealth,  large  silver  buttons  were  worn  on  coats  and 
vests,  with  initials  engraved  on  them.  The  coming  in 
of  French  fashions  in  1793  made  sad  inroads  upon  the 
simple  customs  of  ancient  Wall  Street. 

OLD  CUSTOMS. 

The  merchants  of  the  olden  time  were  content  with 
small  shops,  slenderly  stocked.  A  shopkeeper  took 
down  his  own  shutters,  swept  his  warehouse,  and  was 
ready  for  trade  by  the  time  gray  dawn  broke.  A 
bride  and  bridegroom  had  their  hair  arranged,  by  the 
hands  of  the  barber,  the  afternoon  preceding  the  mar- 
riage, and  usually  slept  in  arm-chairs  that  it  might 
not  be  disturbed.  All  marriages  were  duly  published 
three  weeks  beforehand.  Courting  in  Wall  Street  was 
a  very  primitive  matter.  It  was  done  in  the  presence 
of  the  family,  and  the  lover  was  compelled  to  leave 
when  the  bell  struck  nine,  without  a  private  adieu  to 
the  damsel.  Doctors  went  on  foot  to  visit  their  pa- 
tients, and  were  allowed  to  charge  only  a  moderate 


38    •  OLD  CUSTOMS. 

fee.  Women  did  not  attend  funerals.  A  portion  of 
the  burial  service  consisted  of  handing  round  hot- 
spiced  wines  in  the  winter,  and  wine  and  sangeree  in 
the  summer.  Bowling,  dancing,  and  drinking  were 
common  pastimes.  Swearing  and  cursing  in  the  streets 
were  punished  by  fine  and  imprisonment.  Ladies 
never  wore  the  same  dresses  at  work  and  on  visits.  They 
were  very  economical.  A  young  lady,  dressed  gaily 
to  go  abroad  or  to  church,  never  failed  to  take  off  her 
dress  and  put  on  her  home  garb  as  soon  as  she  re-, 
turned.  On  New  Year's  Day,  cakes,  wine,  and  liquors 
were  offered  to  callers.  Punch  was  offered  in  great 
bowls. 

A  slave  market  stood  in  Wall  Street,  near  Water. 
It  was  a  portion  of  the  block-house.  Here  negroes 
and  Indians  were  offered  for  sale.  Slavery  was  a  sort 
of  serfdom.  It  was  a  domestic  institution.  There 
were  no  field  negroes  and  no  negro  quarters.  The 
slave  was  a  part  of  the  family,  scrupulously  baptized 
and  religiously  trained.  The  blacks  were  very  free 
and  familiar,  sauntering  about  the  streets,  joining  the 
whites  at  mealtime  without  removing  their  hats,  and 
entering  familiarly  into  the  conversation  of  those 
around  them.  They  were  treated  at  times  with  much 
severity,  publicly  whipped  if  out  late  at  nights,  or  if 
out  after  dark  without  a  lantern,  noisy  in  their  gam- 
bols, or  caught  gaming  with  copper  pennies.  Thirty- 
nine  lashes  was  the  limit  allowed  by  law.  The  public 
whipper  had  twenty -five  dollars  a  quarter  for  his  ser- 
vices. Every  time  a  slave  was  whipped  his  master  had 
to  pay  three  shillings  to  the  church  warden  as  a  fund 
for   spreading  the    Gospel.      The   slave   market  was 


OLD  CUSTOMS. 

voted  a  nuisance  and  an  offence  to  the  passers  by — 

the  rendezvous  of  the  worthless  and  the  offensive,  and 
was  removed  by  order  of  the  council. 

The  streets  were  narrow,  crooked,  and  roughly 
paved.  There  were  no  sidewalks.  The  gutter  ran  in 
the  middle.  This,  together  with  the  darkness,  made 
locomotion  perilous.  In  1697  an  attempt  was  made 
to  light  the  city.  Housekeepers  were  ordered  to  put 
lights  in  their  front  windows.  During  "  the  dark  time 
of  the  moon,  every  seventh  householder  was  to  hang 
out  a  lantern  and  a  candle  on  a  pole  every  night/' 
The  tradition  is,  that  on  the  issuing  of  the  order,  par- 
ties hung  out  a  lantern  without  a  candle.  The  law 
was  then  passed  that  a  candle  should  be  placed  in  the 
lantern,  but  it  was  not  lighted.  The  law  remedies 
this  defect  by  requiring  the  candle  to  be  lighted.  The 
lantern,  with  the  candle  lighted,  was  hung  out  one 
night  and  then  taken  in.  Then  came  the  statute — 
"  every  night."  The  u  Profession  "  were  greatly  an- 
noyed by  the  inroads  of  u  vile  quacks  and  base  pre- 
tenders, who  obliged  true  and  lawful  doctors"  to 
to  the  wall.  The  young  roughs  of  the  city  disturbed 
the  peace  of  the  dwellers  in  Wall  Street,  by  their 
pranks  and  lawless  acts  in  stealing  knockers,  and  run- 
ning off  with  signs.  Marriages  were  announced  by 
describing  the  character  of  the  parties  married,  and 
assuring  the  public  that  the  bride  was  an  "agreeable 
young  lady,  possessed  of  every  good  quality  calculated 
to  render  the  marriage  state  completely  happy."  The 
navigation  of  the  East  and  North  Hi  vers  was  very 
perilous  to  life  and  limb.  From  New  York  to  Brook- 
lyn the  boats  were  mere  scows,  the  passage  often  con- 


40  WALL  STREET  RELIGION. 

sumecl  an  hour,  and  was  often  taken  by  way  of  Gov- 
ernor's Island.  Passengers  were  kept  out  all  night, 
and  nearly  frozen.  Disreputable  persons  dwelt  in  what 
were  then  known  as  "Canvas  houses,"  cheap,  tem- 
porary dwellings,  with  canvas  roofs.  Fortune-tellers 
drove  a  brisk  business.  Conjurors,  using  spells  and 
incantations,  were  very  popular.  Fortunes  were 
sought,  luck  tried,  men  searched  for  hidden  treasures, 
and  dug  for  buried  gold,  as  foolish  and  as  credulous 
as  their  successors  are  in  the  present  age.  The 
Wall  Street  men  believed  in  ghosts,  were  scared 
by  dreams,  and  terrified  by  witches.  Riotings  were 
common.  Jay's  treaty  with  'Great  Britain  was  es- 
pecially unpopular.  He  was  chased  through  Wall 
Street  by  the  excited  populace,  who  accused  him  of 
betraying  his  country  to  the  British.  On  the  steps  of 
the  City  Hall  he  was  wounded  in  the  head  by  stones 
thrown  at  him,  and  was  rescued  only  by  the  great 
popularity  of  Hamilton,  who  stood  by  his  side  and 
calmed  the  turbulence  of  the  mob.  A  terrible  riot 
was  raised  about  the  doctors,  and  the  cry  rang: — 
"Down  with  the  doctors!"  During  the  existence  of 
slavery  the  people  were  in  great  terror  from  fear  of  the 
uprising  of  negroes  and  Indians.  Slavery  in  Wall 
Street  was  a  slumbering  volcano.  The  alarmed  citi- 
zens formed  a  patrol  or  vigilance  committee,  and  kept 
guard  with  lanterns.  Grain  was  not  allowed  to  be 
distilled.  If  a  drunken  man  was  seen  coming  out  of  a 
tavern,  the  innkeeper  was  fined. 

WALL  STREET  RELIGION. 

Religion  followed  in  the  wake  of  fashion  and  moved 
up-town.     In  spite  of  all  resistance,  the  Dutch  Church 


WALL  STREET  RELIGION.  ]  i 

in  the  Fort  made  an  upward  move,  and  was  located 
near  where  the  Custom  House  now  stands.  Trinity 
Church  placed  herself  on  the  commanding  eminence 
which  she  still  occupies.  The  Presbyterians  took  their 
position  between  Broadway  and  Nassau.  The  humble 
churches  were  content  to  locate  on  the  outskirts.  The 
early  clergymen  were  very  formal  in  their  official 
dress.  To  perform  service  without  gown  and  bands, 
or  to  appear  at  a  wedding,  unless  in  full  clerical  cos- 
tume, would  have  been  regarded  as  a  great  indignity. 
The  early  clergymen  were  very  poorly  paid,  and 
school  teaching  was  resorted  to,  with  other  employ- 
ments, to  eke  out  a  scanty  living.  The  morals  of  Wall 
Street  were  no  better,  in  the  estimation  of  the  people 
in  those  days,  than  they  are  now.  An  official  letter, 
sent  to  the  Bishop  of  London  in  1695,  draws  a  sad  pic- 
ture of  religion  and  morals  at  that  time.  According 
to  that  report  the  city  was  given  up  to  wickedness  and 
irreligion.  Few  persons  attended  public  worship,  and 
those  went  to  see  the  fashions,  to  show  their  vain  per- 
sons and  dress,  and  not  to  worship  God.  The  city  was 
filled  with  civil  dissensions.  The  wages  of  workmen 
were  turned  into  drink.  They  idled  their  time  in 
taverns  with  pot-companions,  in  sottish  debauch,  ca- 
rousing and  gaming.  Extravagance  and  idleness 
abounded,  and  marriages,  being  performed  by  a  Jus- 
tice of  the  Peace  and  not  by  a  clergyman,  were  not 
considered  binding,  and  were  thrown  off  according  to 
the  whim  or  caprice  of  the  parties.  Wives  were  sold, 
exchanged,  and  abandoned,  and,  if  the  report  is  to  be 
believed,  general  immorality  prevailed. 


42  WALL  STREET  AND  THE  BROKERS. 

WALL  STREET  AND  THE  BROKERS. 

It  is  difficult  to  ascertain  when  Wall  Street  became 
the  financial  center  of  New  York.  In  1792,  the  Ton- 
tine Coffee  House  was  erected  on  the  site  now  occu- 
pied by  the  Bank  of  New  York.  It  was  erected  as  a 
sort  of  joint-stock  concern,  for  the  benefit  of  merchants, 
who  held  their  gatherings  in  its  parlors.  Long  before 
that  period,  however,  Wall  Street  was  the  center  of 
the  early  financial  operations  of  the  city.  Govern- 
ment, fashion,  trade,  industrial  arts,  religion,  and 
finance,  from  the  earliest  times,  have  had  their  head- 
quarters in  Wall  Street. 


II 

MODERN  WALL  STREET. 

BIODERN    WALL  STREET. HIGH    CHANGE. HULLS    AND    BEARS    IN    CONFLICT- 
HOW    STOCKS    ARE     BOUGHT    AND    SOLD. OPERATORS     ON     THE     STREET. — 

HOW    A    TIGHT    MONEY    MARKET    IS    CREATED. BLACK    FRIDAY. 

Wall  Street  gives  its  name  to  the  locality  where  the 
inonied  men  of  the  city,  millionaires,  speculators,  heavy 
brokers,  and  leading  financiers  have  their  headquarte  - 
It  means  more  than  the  short  narrow  street  designated 
on  the  map  as  Wall  Street,  The  heaviest  operators 
are  not  located  on  Wall  Street  proper.  They  arc 
found  on  Broad  Street,  New  Street,  Nassau,  Pine, 
Cedar,  "Williams,  Exchange,  and  on  Broadway.  The 
Stock  Board  is  on  Broad  Street.  The  Gold  Board 
is  on  New  Street.  In  "High  Change"  the  surging 
excited  crowd  who  throng  the  sidewalk  and  raise  the 
din  of  Babel,  are  seen  on  Broad  Street  from  Wall  to 
Pearl.  The  rooms  and  dens  of  the  heaviest  operators 
who  are  on  the  street  are  off  from  Wall  Street.  So 
are  the  regular  Boards,  and  gathering  places  for 
operators  who  are  excluded  from  the  regular  market. 
Early  in  the  morning  the  whole  street  is  quiet  as  Broad- 
way on  a  Sunday.  Business  commences  at  ten.  Busi- 
ness men  come  in  in  droves.  They  come  from  every 
direction  and  locality.       Full  half  of  those  who  do 

43 


44      -  MODERN  WALL  STREET. 

business  iir  Wall  Street  live  in  Brooklyn,  Jersey  City, 
Elizabeth,  Long  Island,  and  up  the  River,  half  way  to 
Albany.  The  new  style  of  business  is  very  marked. 
The  old  brokers  and  speculators  were  content  with 
small  chambers,  back  rooms,  and  even  with  dens  and 
cellars,  bare  floors,  with  hard  furniture,  coarse  and 
without  ornament.  Dark  and  dingy  offices  were  filled 
by  the  heaviest  operators.  The  richest  men,  and  the 
most  daring  in  speculation  have  no  office  of  their  own. 
Each  has  one  broker,  some  several,  and  when  down 
town  these  millionaires  make  their  homes  with  those 
who  buy  and  sell  for  them.  Some  of  the  heaviest 
houses  are  very  plain.  Belmont's  banking  rooms  are 
frowning,  heavy,  sepulchral,  and  are  lighted  by  gas  in 
the  day  time  after  the  English  style.  Brown  k  Broth- 
ers welcome  customers  to  iron  seats,  and  stone  pave- 
ments. The  men  of  the  olden  time  walked  to  their 
business,  or  at  best  took  a  street  car  or  an  omnibus. 

As  business  opens  Wall  Street  is  full  of  coaches, 
hacks,  and  cabs.  As  business  draws  to  a  close,  the 
street  is  occupied  again  by  vehicles.  The  new  race  of 
brokers  adopt  style.  Some  come  to  business  in  their 
own  elegant  turnouts,  with  servants  in  livery.  Others 
hire  coaches  and  cabs,  and  ride  to  and  from  Wall  St. 
Many  do  this  who  are  as  poor  as  rats,  who,  if  they  have 
five  dollars  spend  half  of  it  for  a  cab,  and  the  other 
half  for  a  lunch  at  Delmonico's.  They  often  borrow 
this  sum.  They  go  home  to  sleep  in  an  attic  or  a 
room  in  a  tenement  house,  and  remove  from  week  to 
week  to  avoid  the  payment  of  rent.  The  Chancel 
style,  as  it  is  called,  in  Wall  Street,  is  a  modern  thing. 
An  old  broker,  who  had  made  his  fortune  in  prudent 


MODERN  WALL  STREET  { ." 

and  honest  speculations,  and  was  content  with  his 
small  den  and  green  baize  table,  left  his  business  with 
his  boys  and  went  to  Europe.  On  his  return  he  found 
"his  house"  in  elegant  chambers,  adorned  with  costly 
carpets,  plate  windows,  mirrors,  magnificent  furniture, 
walls  frescoed  in  oil,  and  all  the  paraphernalia  of  mod- 
ern style.  The  merchant  was  excited  and  indignant. 
He  denounced  the  extravagance.  The  idea  of  doing 
business  in  a  counting-room  elegant  as  the  chancel  of 
a  church  was  preposterous.  But  since  the  old  broker 
has  found  himself  at  home  in  his  Fifth  Avenue  palace, 
he  takes  things  more  quietly.  Besides  Wilton  carpets, 
mirrors,  and  paintings,  modern  brokers  who  maintain 
style,  set  an  elegant  lunch  at  a  cost  of  $5,000  a  year. 
To  this  their  customers  are  invited.  Loafers,  hangers- 
on,  and  soldiers  of  fortune,  are  always  ready  to  help 
themselves. 

Even  forty  years  ago,  business  in  New  York  was 
very  unlike  what  it  is  now.  Men  in  mercantile  life 
went  into  business  as  apprentices  at  a  compensation  of 
$50  a  year.  Wholesale  merchants  were  few.  Broad, 
Wall,  and  Pearl  Streets,  were  the  business  portions. 
Porters  carried  goods  in  their  hands,  at  a  shilling,  be- 
low Canal  Street,  twenty -five  cents  above.  Store  boys 
were  sent  with  goods  above  Canal  St.  to  save  cost. 
The  youngest  boy  went  to  his  master's  house  for  the 
keys  in  the  morning  to  open  the  store,  and  returned 
them  at  night.  Customers  came  to  the  city  to  trade 
four  times  a  year,  and  traders  knew  when  to  expect 
them.  Merchants  used  the  most  rigid  economy,  and 
were  their  own  salesmen,  book-keepers,  and  bankers. 
They  built  the  front  of  their  dwellings  with  one  ma- 


46     -  HIGH  CHANGE. 


terial,  and  saved  a  few  hundred  dollars  by  building 
the  rear  with  a  cheaper  one.  Forty  years  ago  there 
were  not  a  dozen  two-horse  carriages  in  New  York. 
The  city  was  compact  and  there  was  little  use  for  them. 
Above  Fourteenth  St.  was  beyond  the  "lamp  district." 
It  was  not  lighted  or  policed,  and  people  had  to  take 
care  of  themselves.  Merchants  who  bought  goods  at 
auction  obliged  their  clerks  to  take  them  home  on  their 
shoulders  to  save  portage.  Less  than  fifty  years  ago, 
one  of  our  wealthiest  merchants  of  to-day  debated  with 
his  brother  whether  it  would  be  prudent  to  pay  $350 
rent  for  a  dwelling  house.  Yet  his  business  then  was 
very  good. 

HIGH  CHANGE. 

At  ten  o'clock,  Wall  Street,  at  the  corner  of  Broad, 
is  an  interesting  spot.  Men  rush  in  from  all  directions. 
Knots  and  cliques  gather  for  the  contest.  Muscular 
brokerage  is  at  a  premium.  Young  roughs  are  dressed 
like  expressmen,  with  low-crowned  hats,  docky  coats, 
"stunning"  jewelry,  and  flaming  rings.  Old  men  are 
nowhere.  At  the  Gold  Board,  youngsters  and  clerks, 
with  powers  of  attorney,  represent  their  firms.  At  the 
Stock  Board,  none  but  members  are  admitted.  But 
each  house  has  a  young  member  who  is  trained  for  the 
conflict.  The  stock  room  is  quiet  enough  during  the 
monotonous  call  of  the  regular  stocks.  Members  sit 
in  elegant  chairs,  or  are  broken  up  into  little  knots, 
and  quietly  discuss  matters.  The  cock-pit  is  empty. 
But  when  an  exciting  stock  is  called  all  is  changed. 
Members  rush  for  the  centre  of  the  room  pell  in  ell. 
The  crowd,  the  rush,  the  jostle,  the  fierce  pushing,  the 


B I  V./>  - 1 NP  BEARS  IN  <  OX  l' LI  IT.  4  7 

clang  of  conflict,  is  too  much  for  old  men.  Young 
men  and  mere  boys  raise  the  din,  buy,  sell,  loan,  and 
borrow.  Millions  pass  through  their  hands  in  a  min- 
ute. They  tear  up  and  down  stairs,  rush  in  and  out, 
race  down  the  street,  and  across,  and  pitch  into  quiet 
citizens  as  they  furiously  turn  corners.  Leading  spec- 
ulators begin  to  gather  on  the  street.  Each  regular 
house  has  its  patrons  and  customers.  In  ordinary 
times  speculators  remain  in  the  office  of  their  broker. 
Plain-looking,  cheaply-dressed,  common  appearing  men 
they  are.  Knowing  nothing  but  stocks,  they  are  ill  at 
ease.  The  click  of  the  telegraph  passes  along  the 
prices.  The  indicator  shows  the  rise  and  fall  of  gold. 
Lunch  comes  and  goes.  Runners  come  in  from  time 
to  time  with  the  reports.  As  stocks  go  up  or  down, 
discussions  are  carried  on.  Usually  all  is  listless  and 
without  interest. 

BULLS  AND  BEARS  IN  CONFLICT. 

One  class  of  brokers  have  stocks  to  sell.  They  re- 
sort to  every  means  to  advance  the  price.  They  are 
called  Bulls.  Another  class  have  stocks  to  buy.  They 
resort  to  all  sorts  of  schemes  to  send  stocks  down. 
These  are  Bears.  When  men  come  in  conflict  in  the 
street,  Wall  Street  is  a  scene  of  great  excitement. 
When  it  is  known  that  a  contest  is  to  take  place,  the 
Gold  Room  is  thronged.  This  room  is  a  very  shabby- 
looking  place,  as  offensive  as  the  stock  room  is  elegant. 
A  few  chairs,  very  common  ones,  are  in  the  building. 
The  maddened  throng  have  no  time  to  sit.  A  strip  of 
gallery  occupies  one  side  of  the  room,  and  is  crowded 
with  spectators.     A  heavy  board  partition  keeps  out 


48   .        BULLS  AND  BEARS  IN  CONFLICT. 

intruders  from  the  Exchange.  The  centre,  which  is 
lower  than  the  rest  of  the  room,  is  called  the  pit.  In 
the  middle  is  a  massive  table,  oblong  in  shape,  to  keep 
the  operators  from  trampling  each  other  to  death  in 
the  excitement.  A  surging  crowd,  yelling,  screaming, 
gesticulating,  stamping,  fill  every  portion  of  the  room. 
One  cool  person  occupies  a  seat  above  the  din  of  the 
conflict.  He  is  calm  amid  the  tempest  and  storm.  He 
touches  a  bell  and  the  turmoil  subsides.  In  a  moment 
the  sale  of  gold  is  announced  on  all  sides  of  the  rooms 
and  sent  quivering  over  the  wires  to  'the  various  offices 
in  the  city.  Many  dealers  have  no  connection  with 
the  telegraph.  Coumunication  is  made  to  these  by 
runners.  The  messengers  crowd  the  avenues  to  the 
Gold  Room,  fill  vestibules  and  aisles  and  aid  to  keep 
up  the  excitement.  The  bell  of  the  President  an- 
nounces the  sale  of  gold,  and  these  parties  start  on  the 
run.  Tearing  down  the  street,  rushing  into  alleys, 
darting  into  doorways,  they  carry  the  news  to  their 
employers.  Old  men,  fat  men,  tall  men,  professor-like 
looking  men  in  spectacles,  men  looking  wonderfully 
like  clergymen  without  a  parish,  and  boys,  are  all  on 
the  run. 

At  such  times  a  broker's  office  is  a  suggestive  place. 
The  crowd  is  so  dense  at  times  outside  that  teams  can- 
not drive  through  the  street.  Some  brokers  have  a 
strong  guard  of  police  around  their  offices.  Inside 
the  office  is  very  exciting.  The  wildest  rumors  fly 
abo*ut.  Banks,  heavy  houses,  and  wealthy  men  are 
said  to  be  going  under.  The  slain  and  wounded  are 
seen — men  who,  ten  days  before,  could  count  their 
bank  balance  by  tens  and  hundreds  of  thousands,  by  a 


BLLI.<  AND  BEARS  IX  CONFLH  .]!» 

single  stroke  have  been  completely  ••cleaned  out,"  and 

are  left  without  money  enough  to  buy  a  lunch.  In  the 
room  some  rail  like  mad  men  :  others  walk  the  floor, 
-nap  their  lingers,  knit  their  brows,  shake  their  heads, 
and  mutter  threats.  Others  in  silence  look  at  a  par- 
ticular spot  on  the  floor,  and  pay  no  attention  to  the 
mad  throng  rushing  in  and  out.  A  young  man,  not 
thirty,  with  an  exhausted  look  and  sad  countenance, 
in  answer  to  the  remark — "The  vagabonds  have  com- 
pletely cleaned  you  out,''  said:  *'Yes,  I  am  8150,000 
worse  than  nothing.  But  that  is  not  the  worst  of  it. 
I  am  ten  years  older  than  I  was  ten  days  ago.''  During 
this  scene  the  telegraph  holds  on  its  way  announcing 
the  panic  in  stocks.  A  comment  or  two  will  be  heard 
on  each  tumble.  uOh!  that  is  Meigg's  stock.  Pity  that 
old  house  has  gone  down."  Another  tumble.  "That 
is  Lockwood.   The  Pacific  mail  did  that.7' 

Beyond  Wall  Street,  and  beyond  broker's  offices, 
the  movement  of  Bulls  and  Bears  carries  disaster. 
Alarm  spreads  through  the  citv.  Large  houses  reel, 
and  small  ones  totter  down.  The  entire  business  of 
the  country  is  at  the  mercy  of  a  few  reckless  men. 
Shrinkages  in  dry  goods  stores  produce  ruin.  Money 
taken  out  of  circulation  tightens  the  market,  and  men 
who  borrow  have  to  pay  from  90  to  3G5  per  cent.,  for 
without  money  merchants  cannot  do  business  long. 

The  new  mode  of  doing  business  intensifies  the  ex- 
citement of  Wall  Street.  Stock  operators  have  their 
brokers,  as  business  men  have  their  banks.  Vander- 
bilt  has  no  office  on  Wall  Street.  He  is  seldom  there. 
Yet  he  is  one  of  the  heaviest  operators.  He  has  a  legion 
of  runners  who  buy  for  him  while  he  sits  in  his  little 
4 


50   .      BULLS  AND  BEARS  LN  CONFLICT. 

room  in  Fourth  Street ;  he  buys  in  silence  and  no  one 
can  track  him.  Drew  has  a  little  den  of  a  room  in 
the  third  story  of  a  building,  to  which  he  retires  when 
he  wishes  to  be  alone.  He  can  generally  be  found  in 
the  office  of  his  principal  broker,  sitting  on  a  bench 
dozing,  or  sound  asleep.  Formerly,  to  fill  an  order 
brokers  attended  the  Stock  Board  in  person  and  watch- 
ed the  market.  Now  they  sit  in  their  elegant  rooms, 
and  communicate  by  telegraph,  or  give  a  quiet  order 
to  messengers  who  disappear  and  make  the  purchase. 
There  is  very  little  talking  in  a  broker's  office  during 
business  hours.  The  rooms  usually  are  crowded.  Every 
click  of  the  machine  carries  fortune  or  ruin  to  some 
one.  Men  get  up,  sit  down,  look  out  of  the  window, 
walk  out  of  the  door,  walk  back,  smoke,  go  out,  take 
a  drink,  discuss  the  chances,  pull  their  hair,  whistle, 
slap  their  hands,  or  break  out  in  abrupt  expletives. 
Outside,  in  stirring  times,  men  are  quite  as  excited. 
One  day  a  large  crowd  gathered  in  Wall  Street.  The 
central  figure  was  a  well  known  operator  in  Clique 
Stocks.  It  is  said  that  he  has  made  and  lost  more 
money  in  speculations  than  any  other  man  in  New 
York  except  Jacob  Little.  He  was  in  the  middle  of 
the  street,  hat  off,  face  flushed,  coat  thrown  back,  ges- 
ticulating with  his  hands,  following  a  well  known 
locker-up  of  greenbacks,  and  was  shouting:  " There 
goes  Shylock !  What's  the  price  of  money,  Shylock  ? 
What's  the  price  of  money  ?  There  he  goes,  look  at 
him,  look  at  Shylock !"  The  shouting,  and  the  excite- 
ment called  all  heads  to  the  windows  and  filled  the 
street  with  the  rabble,  that  followed  the  parties  several 
blocks.     The  man  who  was  shouting  "Shylock,"  was 


HOW  STOCKS  ARE  BOUGHT  AND  SOLD.  51 

one  of  the  coolest,  most  self-possessed  of  men  usually. 
The  man  attacked  was  a  tall,  slim,  fine  looking  person, 
very  slightly  moved  by  the  assault.  "What's  the  price 
■  if  Erie,  Dick  ?"  "  What's  the  price  of  Hudson  ?"  was 
the  response. 

HOW  STOCKS  ARE  BOUGHT  AND  SOLD. 

The  present  style  of  business  in  the  street  enables  a 
man,  with  a  very  small  sum  of  money,  to  do  a  very 
large  business.  With  SI, 000  he  can  purchase  $10,- 
000  worth  of  stock.  With  $10,000  he  can  purchase 
Si 00, 000.  He  leaves  his  order  with  the  broker,  puts 
up  his  "margin,"  and  his  stock  is  bought  and  carried 
for  him.  The  broker  can  well  afford  to  do  this.  He 
is  perfectly  safe,  for  he  has  the  stocks  and  the  margin 
as  protection.  He  has  every  motive  to  induce  his  cus- 
tomers to  buy  largely.  He  gets  the  interest  on  his 
money  and  a  commission  for  buying  and  selling.  As 
his  commission  is  only  §12.50  on  §10,000,  he  must  do 
a  large  business  to  make  anything.  When  men  buy 
two  millions  of  stock  the  commissions  amount  to  some- 
thing. The  better  class  of  brokers  are  not  willing  to 
have  customers  wrho  cannot  back  up  their  sales.  It  is 
troublesome  to  have  to  watch  the  market,  and  it  is 
unpleasant  to  sell  a  customer  out.  As  the  stock  falls, 
if  buyers  do  not  keep  their  margin  good,  the  broker 
must  protect  himself  by  selling  the  stock,  and  using 
up  the  money  deposited. 

Immense  sums  of  money  are  sent  into  the  street  from 
outsiders,  who,  because  they  have  been  successful  in 
dry  goods,  and  other  branches  of  trade,  think  they  can 
turn  $50,000  into   $100,000  in  the  street  as  easily  as 


52      •  HOW  STOCKS  ARE  BOUGHT  AND  SOLD. 

they  can  dravf  a  check.  In  nine  cases  out  of  ten  all 
such  investments  are  lost.  Brokers  of  course  get  cus- 
tomers where  they  can  find  them.  A  man  in  a  successful 
dry  goods  trade  sends  down  a  check  with  an  order  to 
buy  a  hundred  shares  of  a  named  stock,  and  to  carry 
it  thirty  days.  The  stock  begins  to  go  down.  More 
margin  is  called  for.  A  sudden  failure  in  a  mercantile 
house  tells  the  story.  The  other  day  a  merchant  called 
upon  a  broker  in  Wall  Street,  handed  him  $50,000, 
and  asked  him  to  invest  it  in  a  stock  named.  "I  will 
do  so,  if  you  wish,"  said  the  broker,  "but  I  advise  you 
to  take  a  good  look  at  your  money,  for  you  will  never 
see  it  again.  I  have  been  in  business  in  Wall  Street 
thirty-eight  years.  During  that  time  98  out  of  every 
100  who  have  put  money  in  the  street  have  lost  it." 
Gamblers  in  stock  and  in  gold  are  usually  outsiders. 
They  are  the  class  who  speculate  in  lots,  in  flour,  pork, 
and  coal.  Men  who  make  "corners,"  or  try  to  make 
them,  are  model  merchants,  princely  traders,  large 
donors  to  philanthropic  institutions,  stand  high  in  so- 
ciety, and  preside  on  the  boards  of  religious  and  re- 
formatory meetings.  These  men,  Bull  and  Bear  stock, 
make  merchants  tremble,  increase  the  price  of  the  poor 
man's  coal,  lay  a  heavier  tax  on  every  ounce  of  bread 
the  laboring  man  eats,  and  ruin  small  traders.  These 
men  produce  the  panics  of  the  day,  and  not  the  brokers. 
Brokers  fill  orders,  and  regular  houses  do  as  legitimate 
a  business  as  is  done  by  any  department  of  trade  in 
New  York. 


OPERATORS  ON  THE  STREET.  53 


OPERATORS   05   THE   STREET. 

The  street  operators  may  be  divided  into  three 
classes.  The  first  are  regular  brokers.  In  any  other 
business  they  would  be  called  commission  merchants. 
They  purchase  stocks  for  their  customers  and  are  paid 
a  regular  commission.  They  do  not  speculate  on  their 
own  account.  As  a  class  they  are  honorable,  high- 
minded,  liberal,  and  successful.  Their  business  is  safe 
and  profitable.  When  they  receive  an  order  to  buy 
from  a  customer,  a  margin  of  ten  per  cent,  is  put  up 
and  a  regular  commission  paid.  There  is  no  credit  in 
stocks.  Some  one  must  pay  cash  when  they  are  pur- 
chased. The  broker  pays  the  cash,  holds  the  stocks  as 
security,  and  with  a  small  margin  is  safe.  A  sound 
house  will  not  accept  less  than  ten  per  cent,  margin. 
As  business  is  conducted  $10,000  will  carry  $100,000 
stock.  $20,000  will  carry  $2,000,000.  Except  in  ex- 
traordinary times,  such  as  the  " Black  Friday,"  broker- 
can  protect  themselves.  In  some  well  established 
houses  the  business  in  stocks  is  immense,  especially 
those  that  have  the  confidence  of  the  street,  A  young 
banking  house  which  has  been  remarkably  successful, 
adopted  at  the  start  a  few  rules.  One  was  never  to 
carry  stock  without  a  margin  ;  never  to  speculate  in 
stocks,  and  to  do  honestly  a  legitimate  commission 
business.  If  that  led  to  wealth  or  led  elsewhere,  the 
house  would  accept  it.  A  celebrated  capitalist  gave 
an  order  for  the  purchase  of  a  large  amount  of  railroad 
stock.  uDo  you  wish  us  to  carry  it?"  said  the  broker, 
uif  so  you  must  put  up  a  margin."  UA  margin,"  said 
the  millionaire.    '  "I  am  worth  a  hundred  times  that 


54  OPERATORS  ON  THE  STREET. 

amount."  "I  have  no  doubt  of  it,"  said  the  broker; 
"we  have  but  one  rule  in  this  office  for  rich  and  poor. 
We  would  not  carry  stock  for  William  B.  Astor  with- 
out a  margin."  The  man  went  out.  Hangers-on  shrug- 
ged their  shoulders.  "We  know  that  man,"  said  one, 
uhe  is  the  heaviest  operator  in  the  country,  you  have 
lost  a  splendid  customer."  Before  three  o'clock  a  de- 
posit came  up  of  $50,000.  The  next  day  the  capital- 
ist appeared  in  person.  "Young  men,"  he  said,  "I 
like  your  rule.  You  have  begun  right.  Do  business 
on  that  basis  and  you  will  succeed.  My  money  is  safe 
here,  you  shall  have  my  business  and  my  influence." 
Brokers  who  are  permanently  successful,  and  move 
steadily  on  to  fortune  are  those  who  are  simply  brokers 
and  not  speculators. 

Speculators  are  the  customers  who  employ  brokers. 
They  are  either  adventurers  who  come  into  the  street 
to  try  their  luck,  or  men  who  make  trading  in  stocks 
their  business.  Speculators  do  not  make  money  except 
by  a  turn  as  rare  as  good  luck  at  a  gambling  table, 
unless  they  make  stocks  their  business.  Of  the  count- 
less thousands  who  throng  Wall  Street  from  year  to 
year,  the  great  mass  of  speculators  are  ruined.  Every 
broker  on  Wall  Street  has  an  entirely  new  set  of  cus- 
tomers once  in  three  years.  To  trade  in  stocks  suc- 
cussfully,  men  must  be  able  to  keep  their  margin  good 
to  any  extent  or  they  are  ruined.  A  firm  in  Wall  St. 
agreed  to  carry  for  a  customer  $600,000  gold.  A 
margin  of  $250,000  was  put  up.  Gold  ran  up  to  $1.65. 
The  house  called  for  $250,000  more  margin.  In  one 
hour  after  the  additional  margin  was  put  up  gold  drop- 
ped to  $1.30.      The  dealer  swung  from  ruin  by  his 


OPERATORS  ON  THE  STREET.  ~o~) 

ability  to  keep  his  margin  good  to  a  profit  of  8180,000 
in  that  transaction.  Men  who  buy  long  and  hold  what 
they  buy,  reap  golden  fortune-.  They  defy  the  fluc- 
tuations of  the  street.  A  combination  of  such  men 
can  corner  stock,  lock  up  greenbacks,  tighten  the 
money  market,  and  produce  a  panic  in  an  hour  that 
would  shake  the  continent. 

Vanderbilt  is  one  of  this  class, — the  only  railroad 
man  in  the  street,  it  is  said,  that  makes  money  for  him- 
self and  his  stockholders.  He  goes  into  the  market 
and  buys  what  he  wants.  It  is  a  common  thing  for 
him  to  buy  five  millions  of  stock.  He  pays  cash  for 
all  he  buys  and  then  locks  it  up.  In  the  language  of 
the  street  he  locks  his  stock  in  his  tin  box.  He  has  no 
credit,  and  is  admitted  to  be  the  sharpest  speculator 
in  Wall  Street.  He  buys  a  controlling  interest  of  any 
stock  he  wishes  to  control,  and  holds  it.  He  controls 
the  Central,  Hudson  River,  and  Harlem  railroads,  and 
they  are  known  as  the  Vanderbilt  stocks.  His  fortune 
is  estimated  at  eighty  millions.  Men  who  buy  and  sell 
for  him  are  counted  by  thousands.  Daniel  Drew  buys 
in  immense  quantities.  He  has  no  office  but  operates 
through  brokers, — their  name  is  legion.  He  can  do 
nothing  himself  on  the  street.  He  buys  and  sells  on 
his  own  judgment,  but  through  his  agents.  He  buys 
by  the  hundred  thousand  dollars  in  stock,  and  gold  by 
the  million.  He  is  very  unlike  Vanderbilt,  He  is  not 
as  shrewd,  sharp,  or  successful.  His  gains  are  enor- 
mous but  his  losses  are  terrible.  Hejias  often  had  to 
draw  his  check  for  8250,000,  and  even  as  high  as  half 
a  million,  to  cover  his  losses.     He  is  not  popular  like 


56   ,        OPERATORS  ON  THE  STREET. 

Vanderbilt.  He  has  no  special  line  of  operation.  He 
is  a  bull  or  a  bear,  as  his  fancy  or  judgment  dictates. 

Another  class  of  operators,  are  brokers  who  unite 
speculation  with  their  regular  business.  It  is  an  unsafe 
combination.  One  in  which  a  broker  in.  a  crisis  must 
sacrifice  himself  or  his  customers.  Usually  the  last, 
sometimes  both.  The  experience  of  a  quarter  of  a 
century  does  not  point  to  a  single  house  that  joined 
speculation  with  a  commission  business  in  stock  that 
has  not  gone  under.  A  large  house  in  the  street  was 
reputed  to  be  very  wealthy.  The  chief  of  the  house 
was  one  of  the  most  honored  men  in  the  country,  the 
head  of  religious  and  benevolent  institutions.  He  built 
him  one  of  the  most  costly  mansions  in  the  land — at  an 
outlay  it  is  said  of  a  million  and  a  half  of  dollars.  The 
head  of  the  house  was  the  treasurer  of  a  great  railroad 
corporation.  He  deposited  the  money  of  the  road  with 
a  house  of  which  he  was  a  member.  The  house  failed — 
failed  disastrously — some  said  disreputably.  Men  were 
ruined  right  and  left.  Had  the  United  States  treasury 
failed  it*  would  hardly  have  produced  greater  conster- 
nation. The  treasurer  of  the  road  could  not  make 
good  the  loss  sustained  by  the  failure  of  his  house.  All 
the  road  obtained  was  a  mortgage  on  the  splendid 
mansion  for  $850,000.  If  sold  to-day,  it  is  said,  it 
would  not  bring  a  quarter  of  a  million  under  the  ham- 
mer. 

This  house,  six  months  ago,  was  considered  one  of 
the  strongest  and  wealthiest  on  the  street.  The  dis- 
asters of  that  terrible  crisis  could  not  have  been  fore- 
seen or  anticipated  by  any  shrewdness.  When  New 
York  Central  went  humming  down  from  one  hundred 


BOW  A  TIGHT  MONEY  MARKET  IS  CREATED.         .~>7 

and  ninety  to  one  hundred  and  forty-five,  two- 
thirds  of  the  capitalists  of  the  city  reeled  under  the 
blow ;  when  even  the  clearing  house  was  driven  to  a 
temporary  suspension,  this  great  house  tottered  and 
went  under. 

HOW  A  TIGHT  MONET  MARKET  IS  CREATED. 

Large  dealer.-  in  stocks  have  power  to  create  a  panic 
by  making  what  is  called  a  tight  money  market.  They 
lock  up  greenbacks  and  gold,  and  produce  general  dis- 
tress and  ruin.  It  requires  a  large  combination  to  do 
this.  Men  of  heavy  capital,  of  great  resources,  who 
watch  the  market  and  strike  together  when  the  right 
time  comes.  Ten  men  combining,  who  could  control 
ten  millions,  would  agitate  the  street.  But  a  combina- 
tion, able  to  control  twentv  millions,  would  tighten  the 
money  market  and  produce  a  panic.  Money  is  limited. 
The  clearing  house  daily  indicates  the  amount  of  cash 
in  circulation.  All  banks  are  required  to  keep  25  per 
cent,  of  their  deposits  and  circulation  in  the  bank. 
The  cliques  who  propose  to  tighten  the  money  market 
understand  that.  Some  banks  are  wicked  enough  to 
lend  themselves  to  such  a  combination.  When  the 
scheme  is  ripe  a  well  known  party  goes  to  a  bank  and 
enquires,  u how  much  money  have  you  got?"  "  Two 
hundred  thousand  dollars1'  is  the  reply.  "I  want  to 
borrow  a  million."  A  million  is  borrowed  o£a  bank  that 
has  but  two  hundred  thousand  dollars  to  loan.  The 
interest  is  paid  on  this  million  for  one,  ten,  or  thirty 
days.  A  certified  check  is  taken  by  the  borrower  and 
is  locked  up.  A  million  is  taken  from  circulation,  for 
the  bank  can  make  no  loans  as  the  certified  check  may 


58       -  HO  W  A  TIGHT  MONEY  MARKET  IS  CREATED. 

turn  up  at  any  minute.  Nineteen  men  are  doing  the 
same  thing  with  nineteen  other  banks.  Twenty  mil- 
lions of  greenbacks  are  locked  up.  The  money  is  not 
taken  from  the  bank ;  it  is  understood  that  it  shall  not 
be.  The  bank,  with  two  hundred  thousand  dollars 
receives  the  interest  of  a  million  of  dollars,  keeps  the 
money  in  its  own  vaults  and  has  parted  with  nothing 
but  a  certified  check.  Speculators  who  have  bought 
stocks  cannot  hold  them,  for  they  have  no  money;  the 
banks  cannot  discount,  money  cannot  be  borrowed 
except  at  ruinous  rates.  The  cliques  who  have  tight- 
ened the  market  often  ask  as  high  as  one  per  cent,  a 
day,  for  money.  Speculators  have  to  throw  their  stock 
on  the  market,  the  market  tumbles  and  the  combina- 
tion buy  at  their  own  prices. 

Another  method  of  tightening  the  money  market  is, 
by  a  combination  which  wears  a  different  phase,  though 
the  result  is  the  same.  In  this  combination,  fifty  thou- 
sand dollars  control  a  million.  Twenty  or  thirty  men 
conspire  to  make  money  scarce.  A  party  borrows  of 
a  bank  $50,000  on  one,  or  ten  days.  Interest  is  paid 
and  a  certified  check  taken.  The  money  remains  in 
the  bank — it  is  effectually  locked  up,  the  bank  cannot 
loan  it,  for  the  certified  check  may  be  presented  at  any 
moment.  This  check  is  taken  to  another  bank  and 
$50,000  borrowed  upon  that.  No  money  is  removed, 
but  a  certified  check  taken  and  placed  in  another  bank 
with  like  results.  So  the  party  moves  from  bank  to 
bank,  till  he  has  locked  up  a  million  with  his  fifty 
thousand.  Each  member  of  the  clique  is  doing  the 
same  thing,  and  a  panic  in  stocks  follows.  A  third 
method  is,  to  draw  greenbacks  from  the  bank,  seal 


BLACK  FRIDAY.  59 

them  up  and  keep  them  till  the  market  is  ripe  for  tak- 
ing off  the  pressure.  An  illustration  of  the  power  of  a 
clique  to  produce  universal  ruin  may  be  found  in  the 

famous 

"BLACK  FRIDAY." 

The  24th  of  September,  1869,  must  always  be  a 
memorable  day  in  the  history  of  Wall  Street.  On  the 
day  preceding,  324  millions  524  thousand  in  gold  were 
sold  at  the  gold  board.  On  Friday,  the  sale  reached 
the  high  figure  of  over  500  millions.  In  seventeen 
minutes — from  11.50  to  12.16  gold  fell  from  1.G0  to 
1.30.  In  these  seventeen  minutes  tens  of  thousands 
of  men  were  ruined.  The  ruin  swept  through  New 
York — up  the  river — up  and  down  the  Atlantic  coast — 
over  the  great  lakes  and  prairies — carrying  away  for- 
tunes like  chaff  before  the  gale.  One  man  who  stood 
talking  with  a  manager  of  the  gold  board,  in  those 
seventeen  minutes  lost  8300,000.  Without  a  word  he 
left  the  room  and  presented  a  certified  check  in  pay- 
ment of  the  loss  before  2i  o'clock.  The  combination 
was  a  small  one,  but  one  of  the  most  bold  and  daring 
that  has  ever  been  known  in  the  street.  It  was  not 
the  work  of  brokers  in  the  street,  with  one  exception, 
nor  of  regular  dealers.  The  scheme  was  planned  and 
executed  by  outsiders.  In  nine  cases  out  of  ten  men 
outside  of  the  street  are  the  gamblers  in  gold  and 
stocks.  No  campaign  was  ever  more  skillfully -planned, 
or  gave  greater  promise  of  success,  than  that  which 
marked  Black  Friday.  It  seemed  to  possess  all  the  ele- 
ments of  triumph.  It  had  its  tools  and  confederates 
in  the  very  treasury  itself.  The  clique  possessed,  or 
supposed  it  possessed,  the  secrets  of  the  government, 


60         •  BLACK  FRIDAY. 

and  even  its  future  intentions.  Agents  loitered  about 
the  public  buildings  in  Washington — dined  and  wined 
prominent  men — held  some  officials  in  their  hands,  who, 
while  they  washed  their  fingers  of  all  complicity  with 
the  combination,  had  made  nice  little  arrangements  to 
profit  by  the  rise  in  gold.  The  Presidential  Mansion 
was  invaded  and  an  attempt  made  to  involve  the  family 
of  the  President  in  the  unholy  alliance.  Government 
matters  taken  care  of,  the  next  step  was  to  tighten  the 
money  market.  The  banks  in  this  city  not  only  keep 
on  hand  the  25  per  cent,  in  gold  and  currency  which 
the  law  demands,  but  also  a  margin  of  30  millions  ad- 
ditional. The  clique  locked  up  the  money  in  the 
way  mentioned  in  the  paragraph  above.  Cash  could 
not  be  obtained  even  at  the  enormous  rate  of  365  per 
cent,  a  year.  A  large  political  organization  were  in 
the  ring  which  sent  gold  up  to  its  destructive  height. 
Millions  of  the  city  money  were  locked  up,  a  large 
bank  controlled,  and  the  individual  members,  many  of 
them  wealthy,  and  more  of  them  influential,  united  with 
speculators  in  the  terrible  work  of  that  day.  The  com- 
bination boasted  that  on  the  morning  of  the  24th  of 
September  it  controlled  the  mighty  sum  of  over  200 
millions ;  more  than  the  Rothschilds  ever  controlled  in 
one  year. 


III. 

LANGUAGE  OF  WALL  STREET. 

"Buyer  Three." — "  Seller  Three." — "  Carrying  Stock." — "A  Break." 
— "A  Block." — "Buying  In." — "A  Clique." — "A  Corner." — A  Cov- 
er."— "  Dead  Duck." — "  Flat  Market." — "  A  Flykr." — "  Holding  the 
Market." — "  A  Let  Up." — "Long  in  Stocks." — "  Short  in  Stocks." — 
"Milking  the  Street." — "Wiping  Out." — "Salting  Doavn." — "A 
Fool." — "A  Get  Out." — "Off  Market." — "A  Delivery." — "Curb- 
stone Brokkrs." — "Bulls  and  Bears." — "Collaterals." — "  Differ- 
ence."— "Watering  the  Market." — Other  Phrases. 

The  Street  has  a  language  peculiar  to  itself.  Short, 
sharp,  blind  terms, — to  the  outsider  conveying  no  in- 
telligence,— yet  exact  and  definite  as  the  words  in  a 
legal  document  drawn  by  an  equity  lawyer.  All 
trades  have  specific  terms.  Schools  and  professors 
have  their  technical  phrases.  Wall  Street  has  its  own 
modes  of  utterance.  In  the  Gold  Room  the  gavel 
falls  at  10  A.  M.  Around  an  oblong  table  in  front  of 
the  desk,  is  what  is  known  as  the  Cock-pit,  Buyers 
and  sellers  crowd  this  space,  and  fill  the  pit.  Trade 
begins.  A  hundred  instruments  connect  the  Gold 
Room  with  all  the  business  parts  of  the  city.  Banks, 
railroads,  heavy  merchants,  and  private  brokers,  send 
by  telegraph  their  orders  for  the  day.  The  jargon  of 
the  street  commences  at  once.  A  half  dozen  men 
shout: — "  112}  ;  Seller  3."  Excited  men  on  the  op- 
posite side  reply  : — "1121  ;    Buyer   3."     Others  join. 

61 


62  LANGUAGE  OF  WALL  STREET. 

From  one  or  two  voices  the  whole  room  becomes  a 
glow.  Faces  grow  red,  men  shout,  yell,  and  frantical- 
ly gesticulate.  A  hundred  men  talk  in  the  vocabu- 
lary of  the  Gold  Room.  The  intense  excitement  lasts 
one  minute,  perhaps  more,  and  then  all  is  quiet.  In 
that  brief  space  one  or  two  millions  of  gold  have  been 
sold,  and  amid  the  din  and  apparent  confusion,  the 
terms  and  conditions  are  as  well  settled  as  if  drawn 
up  by  a  lawyer. 

During  this  maddened  din  and  jargon,  the  amount 
of  gold  offered  has  been  stated,  the  price,  the  time  of 
delivery,  whether  the  sale  was  regular,  or  at  the  op- 
tion of  the  buyer  or  seller.  Stripped  of  all  techni- 
calities, the  meaning  of  the  operation  is  simply :  One 
Broker  says,  I  have  any  part  of  a  million  of  gold,  or 
$50,000,  or  $10,000,  to  sell  for  1121.  The  party  who 
wishes  to  buy,  says,  I  will  give  1121.  Others  join 
with  offers.  The  room  rings  with  the  proposals  from 
parties  who  are  willing  to  buy,  or  are  willing  to  sell, 
at  the  prices  named.  If  the  party  who  wishes  to  buy 
believes  gold  is  going  up,  he  closes  with  the  offer  of 
112  2.  If  the  party  who  wishes  to  sell,  believes  that 
gold  may  fall,  he  closes  with  the  offer,  and  sells  for 
1121.  There  are  no  witnesses  to  these  contracts.  The 
transaction  is  between  man  and  man  alone.  Yet  no 
mistakes  are  made, — no  misunderstandings.  Millions 
change  hands  daily  in  these  scenes  of  confusion.  No 
man  backs  down  from  his  bargain.  Meeting  these 
contracts  often  involves  a  loss  of  from  $10,000  to  $50,- 
000.  Yet  during  the  seven  years  of  the  existence  of 
the  Gold  Board,  there  has  not  been  one  instance  in 
which  a  party  failed  to  meet  his  contract.     A  person 


"BUYER  THREE*— SELLER  THlil  1  63 

would  be  instantly  expelled  the  Board  should  he  do 
so.  In  the  Stock  Board,  at  the  Regular  Board.  Board 
for  the  sale  of  Governments,  the  Gold  Board,  amid 
the  groups  on  the  sidewalk,  many  of  them  coarse 
looking,  roughly  dressed,  mere  clerks  and  messengers, 
yelling,  vociferating,  shouting,  not  one  among  them 
dare  shirk  a  contract,  or  pretend  to  a  misunderstanding 
of  the  agreement.  The  lawyer,  the  doctor,  the  man 
of  science,  merchants  and  tradesmen,  theologians,  have 
their  professional  terms.  But  they  make  contracts 
and  do  business  in  the  common  language  of  the  world. 
Wall  Street  buys  and  sells  in  its  own  jargon.  A  sin- 
gle phrase  binds  a  man  to  a  loss  of  850,000  as  if  it 
were  written  with  all  the  exactness  of  a  black  letter 
contract.  Losses  entailed  by  the  shouting  of  a  single 
word  in  the  nomenclature  of  the  street  on  the  part  of 
an  office  boy,  has  obliged  brokers  to  pay  8350,000, 
and  even  half  a  million,  before  Old  Trinity  chimed 
out  the  hour  of  two.  Adjudicated  legal  terms  are  not 
better  understood,  or  more  definite  in  their  meaning, 
than  are  the  terms  used  in  the  street. 

"BUYER  THREE.     SELLER  THREE." 

Stocks  are  sold  for  cash.  All  the  sales  at  the  Stock 
and  Gold  Board  are  bona  fide  sales.  Each  line  of  Stocks 
in  the  Regular  Board  is  called  in  the  order  that  it 
stands  on  the  list.  If  a  100  Central  are  sold,  and  no 
terms  are  named,  the  stock  is  to  be  delivered  the  next 
day  before  2i  o'clock.  The  party  selling  must  de- 
liver ;  the  party  buying  must  pay.  When  stocks  are 
offered  a  condition  is  frequently  annexed.  Erie  35; 
Buyer  3.     Erie  40;   Seller  3.     This  means  that  the 


64     '  "  carrying  stock:' 

buyer  will  give  $35  for  Erie  stock,  and  have  the  op- 
tion of  taking  it  anytime  within  three  days.  On  the 
last  day  he  must  take  it,  whether  he  makes  or  loses 
by  the  purchase.  In  the  other  case,  the  seller  an- 
nounces that  he  will  dispose  of  Erie  at  $40,  with  the 
option  of  delivering  the  stock  anytime  within  three 
days.  Sometimes  the  option  is  ten  days,  twenty  days, 
thirty  days.  When  the  seller  has  the  option,  the  buyer 
cannot  demand  the  delivery  of  the  stock  until  the 
closing  part  of  the  last  day  named ;  nor  can  the  seller 
oblige  the  buyer  to  take  the  stock  until  the  time  is  up. 

"CARRYING  STOCK." 

Carrying  stock  is  really  loaning  money  on  the  se- 
curity of  stock  with  a  margin.  A  broker  is  willing  to 
lend  a  customer  $4,000  on  the  security  of  $5,000.  A 
customer  believes  that  there  will  be  a  rise  in  Central. 
He  leaves  an  order  with  his  broker  to  purchase  for 
him  a  hundred  shares.  He  puts  up  a  margin  of  ten 
per  cent.,  which  is  all  he  need  to  pay.  The  broker 
takes  his  own  money  and  buys  a  hundred  New  York 
Central  at  the  price  named.  Beside  the  ten  per  cent, 
the  customer  pays  the  broker  interest  on  the  money 
with  which  the  stock  is  bought.  The  broker  holds 
the  stock  for  security,  and  also  ten  per  cent,  margin. 
If  the  stock  advances,  the  customer  makes  money; 
if  the  stock  declines,  he  must  keep  his  margin  up  to 
ten  per  cent,  by  depositing  additional  funds  with 
his  broker.  Should  he  fail  to  do  this,  the  broker  will 
protect  himself  by  throwing  the  stock  on  the  market 
and  cleaning  him  out.  In  such  transactions  the  buyer 
does  not  touch  the  stock.     He  has  paid  nothing  but 


•  .1  BREAK."—  -A  BLOCK."  05 

his  ten  per  cent,  on  the  purchase.  The  broker  holds 
the  stock,  or  carries  it  from  one  to  thirty  days,  as  the 
agreement  may  demand.  If  stock  should  be  bought 
at  S3. 3  to-day,  and  be  held  for  twenty  days,  and  then 
be  sold  for  $G0,  the  customer  would  make  by  his  in- 
vestment the  difference  between  S3  5  and  $60.  Should 
stock  go  down,  the  buyer  loses  in  the  same  propor- 
tion. The  broker  who  carries  the  stock  will  sell  at 
any  time  when  ordered  so  to  do. 

"A  BREAK'1 

When  the  market  declines,  it  is  called  a  break.  The 
price  is  put  down.  Xew  York  Central  was  selling  at 
2:17.  It  broke  to  1 :  45,  "  first  call."  At  the  Regular 
Board,  the  stock  was  called  in  its  order,  the  first  bid 
was  1 :  45.  A  decline  of  22  per  cent.  The  market 
breaking  on  a  single  call,  produced  a  panic.  Parties 
who  had  bought  on  a  speculation  became  frightened 
and  rushed  to  sell  before  it  went  lower.  This  helped 
to  make  the  break  heavier.  In  the  language  of  the 
street,  Central  broke  down.  Atlantic  Mail  was  86. 
At  the  first  call  it  broke  down  to  80.  The  rush  to  sell 
carried  it  to  45.  A  decline  of  35  per  cent.  So  At- 
lantic Mail  broke  down. 

"A  BLOCK." 

The  purchase  of  a  great  quantity  of  stock  at  one 
time  is  called  "a  block."  Five  hundred  shares  wou.d 
be  "a  block."  Fifteen  hundred  shares  were  offered 
of  a  popular  road.  Five  thousand  were  bid  on  the 
first  call;  five  thousand  on  the  second  call,  and  five 
thousand  on  the  third.  Half  a  million  at  one  blow 
was  a  heavy  block. 
5 


66       '  "BUYING  IN."— "A  CLIQUE." 

"BUYING  IN." 

When  the  market  is  high,  shrewd  men  sell.  Men 
who  are  short, — that  is,  men  who  sell  what  they  have 
not  got, — who  have  agreed  to  deliver  stock  at  the  op- 
tion named,  watch  the  selling  to  find  the  time  when 
they  can  cover  their  shorts.  Thus  Erie  is  40.  Seller 
ten.  That  is,  in  ten  days  a  party  agrpes  to  deliver 
Erie  at  40.  The  market  declines  to  30.  The  seller 
now  buys  in  and  delivers  at  40.  That  is,  he  gets  $40 
a  share  for  what  cost  him  $30.  A  party  sold  $600,- 
000  gold,  140  short.  He  had  not  a  dollar  of  gold 
when  he  sold  it.  If  it  had  advanced,  he  would  have 
lost  money.  Gold  declined  to  112.  He  bought  in  and 
delivered,  and  cleared  $240,000  by  that  operation. 

"A  CLIQUE." 

A  combination  of  brokers  formed  to  carry  stock  or 
gold,  is  termed  "  a  clique."  It  takes  a  number  of 
heavy  men  to  form  a  successful  clique.  Rock  Island 
City  Stock  was  bought  up  by  a  clique.  The  parties 
and  their  friends  then  went  to  the  Board  and  run  up 
the  stock.  Each  of  the  clique  bidding  one  above  an- 
other. Parties  who  were  short  on  Rock  Island  began 
to  tremble.  They  snuffed  the  battle  afar.  They 
bought  to  keep  their  contracts,  and  so  increased  the 
excitement,  and  carried  the  stock  up  very  high.  Hav- 
ing bulled  the  stock  20  or  30  per  cent.,  the  "clique" 
changed  their  tactics.  They  bought  quietly  when  the 
combination  was  formed,  as  quietly  they  sold  out,  that 
the  alarm  might  not  be  sounded  till  they  were  clear. 
One  member  of  this   clique    on  Rock  Island  made 


".1  CORNER."— "A  COVER."— "DEAD  DUCK."  67 

■'0,000  on  one  day's  operation.  Oilier  members 
were  equally  lucky.  One  house  lost  half  a  million 
by  the  transaction. 

"A  CORNER."  j 

f  When  a  clique  form  a  combination  to  control  the 
stock  of  a  road,  so  that  parties  who  have  stock  to  de- 
liver cannot  buy  it,. stock  is  said  to  be  u  cornered."  A 
great  many  persons  have  to  unite  to  form  a  corner. 
Those  who  have  cornered  the  stock  can  demand  their 
own  price  until  it  breaks,  and  can  run  the  stock  up  to 
500  per  cent.,  if  they  will.  The  famous  "  Harlem 
Corner"  was  the  result  of  a  wide-spread  combination. 
In  that  corner,  Mr.  Drew  sold  200  shares  at  130.  lie 
had  to  pay  250  for  the  stock  that  he  sold  at  130.  The 
matter  was  settled  at  a  compromise,  Mr.  Drew  paying 
over  half  a  million  to  settle. 

"A  COVER." 

It  is  another  mode  for  buying  in.  A  party  sells  a 
thousand  New  Fork  Central  at  98;  Seller  10.  He 
has  ten  days  to  make  his  purchases.  He  buys  the 
stock  at  the  best  time  to  deliver.  A  party  sold  a  thou- 
sand shares  of  Central  at  98;  Seller  10.  The  stock 
went  up  from  98  to  150.  The  party  lost  in  the  trans- 
action heavily. 

"DEAD  DUCK." 

When  a  speculator  cannot  meet  his  contracts  he 
goes  under,  and  is  expelled  the  Board.  A  "Lame 
Duck  "  is  one  who  has  lost  heavily  by  his  transactions, 
but  has  not  failed. 


68  "FLAT  MARKET."— "LONG  IN  STOCKS." 

"FLAT  MARKET." 

Should  a  bank  loan  money  to  a  party  on  security 
without  interest,  it  would  be  a  flat  transaction  in  the 
Wall  street  sense.  A  broker  buys  stock  for  a  customer, 
he  has  ample  security,  but  receives  no  interest  for  his 
money, — another  example. 

"A  FLYER." 

This  is  a  little  outside  transaction.  The  personal 
speculation  of  a  broker  on  his  own  account.  He  has 
an  order  to  buy  a  thousand  of  Harlem.  He  buys  in 
addition  a  hundred,  or  more,  not  as  a  broker,  but  for 
himself, — :tas  a  flyer." 

"  HOLDING  THE  MARKET." 

This  is  done  by  cliques  and  combinations.  The 
clique  buy  up  all  the  stock  that  is  offered,  and  so  keep 
the  price  up.  The  law  of  supply  and  demand  is  the 
rule  in  Wall  street.  The  stock  cannot  decline,  for  all 
that  is  offered  is  taken  by  the  clique.  Shorts  must 
buy  to  cover,  and  the  combination  get  their  price. 

"  A  LET  UP." 

This  is  the  opposite  of  u  holding  the  market."  The 
clique  let  go  the  stock  they  hold.  Money  locked  up 
comes  out.  The  market  being  supplied,  things  go 
down. 

"LONG  IN  STOCKS." 

A  broker  buys  stocks  for  a  customer,  pays  the  full 
value,  and  carries  it.  A  man  through  his  broker  buys 
a  thousand  shares  of  New  York  Central  at  117.     The 


.    IX  STOCKS."— "'MILKING  THE  STRE1  l  ' 

broker  paya  for  it  and  keeps  it.     The  customer 
11  long  "  in  CentraL 

"  SnORT  IX  STOCKS." 

A  man  sells  what  he  has  not.  lie  sells  a  thousand 
New  York  Central  to  be  delivered  in  ten  days.  With- 
in that  time  he  must  buy  it  at  the  best  rate  he  can  and 
deliver  it.  If  he  sells  at  110,  and  buys  at  100,  he 
makes  10  per  cent.  If  he  sells  at  90,  and  to  deliver, 
pays  100,  he  loses  10  per  cent.  I  sell  a  span  of  ho: 
and  a  carriage  for  S800.  I  have  no  horses  and  car- 
riage, but  I  know  where  I  can  buy  a  team.  In  the 
language  of  Wall  street,  I  sell  the  horses  and  carriage 
short.  But  I  cannot  buy  the  concern  for  88 00.  They 
cost  me  SI. 000.     I  lose  S200  by  the  operation. 


"MTLETXG  THE  STREET." 

This  is  a  combination  to  put  the  price  of  the  Street 
down  that  parties  may  buy.  The  stock  is  then  Bulled 
by  the  holders  who  instantly  sell  out.  The  street  is 
in  a  maze.  Speculators  are  puzzled.  Dealers  are 
bothered.  Men  cannot  tell  what  to  do.  Stocks  are 
rushed  up  and  down  rapidly.  In  the  excitement  the 
combination  reap  a  golden  harvest.  They  have 
milked  the  street. 

"WIPING  OUT." 

When  a  margin  is  closed  and  the  stock  sold  by  the 
broker,  the  operator  is  said  to  be  ''wiped  out."  He 
is  used  up.  The  street  to-day  has  a  vivid  illustration 
of  this  process.  A  man,  still  quite  young,  was  re- 
markable for  his  success  in  speculation.     He  rose  rap- 


70      '  "SALTING  DOWN."—" A  POOL." 

idly,  and  three  years  ago  was  worth  three  millions. 
He  had  a  style  of  his  own,  buying  usually  all  that  was 
offered  in  the  line  in  which  he  was  dealing.  If  he  bid 
for  a  thousand  shares  of  stock,  he  could  be  easily  in- 
duced to  take  three  thousand.  His  very  boldness 
made  him  a  marvel  of  success.  His  fortune  turned. 
Not  so  his  tactics.  His  losses  were  terrible.  He  is 
now  poor.  He  has  no  money,  no  stock,  and  is  of  no 
account  in  the  market.  In  the  language  of  the  street, 
he  is  "  wiped  out." 

«  SALTING  DOWN." 

When  an  operator  has  been  lucky,  withdraws  his 
gains  from  the  hazard  of  the  street,  and  invests  in 
good  dividend  paying  stock,  he  is  said  to  have  salted 
down  his  money.  When  gains  are  put  into  real-estate, 
Government  securities,  or  anything  not  subject  to 
much  fluctuation,  the  operator  is  said  to  have  "salted 
down  "  his  stock.  Small  dealers  are  doing  this  daily 
in  Wall  street.  A  lucky  speculation  of  $100,000,  or 
$200,000,  is  often  put  away,  and  held  sacred  for  time 
of  need,  but  these  small  transactions  attract  but  little 
attention. 

"A 'POOL." 

This  differs  from  a  combination,  or  a  clique.  A 
number  of  operators  put  up  a  sum  of  money.  This 
is  placed  in  the  hands  of  one  of  the  party,  who  alone 
can  control  it  and  use  it.  Not  one  of  the  party  have 
a  right  to  inquire  what  is  done  with  the  money,  or 
how  it  is  managed.  The  operator  usually  buys  a 
block  of  stock  quietly,  and  manipulates  it  as  quietly. 
When  the  transaction  is  closed,  the  profits  are  divided 


■i 


CURB-STONE  OPERATORS. 


uA  GET  OUT."— "CURBSTONE  BROKEi  71 

between  the  parties  pro  rata.     If  the  transaction  is  a 

loss,  all  share  it  alike.  The  Northwest  and  Michigan 
Southern  were  the  most  celebrated  pools  on  the  street. 
These  pools  were  managed  by  the  famous  Henry 
Keepe,  one  of  the  most  successful  operators  that  Wall 
street  ever  knew.  He  was  a  man  of  honor,  of  un- 
blenching  integrity,  and  was  trusted  beyond  most 
men. 

"A  GET  OUT." 

When  an  operator  is  loaded  down  with  stock,  and 
sells  out,  whether  at  a  loss  or  gain,  no  matter  how,  he 
"gets  out."  Parties  to  a  pool  when  they  get  rid  of  a 
stock,  and  the  transaction  closes,  in  the  language  of 
street,  "get  out." 

"  OFF  MARKET." 

When  stock  declines,  and  strong  stock  becomes 
weak,  the  market  is  said  to  be  off 

"A  DELIVERY." 

When  stock  is  brought  to  the  buyer  according  to  a 
contract,  it  is  delivered.  The  buyer  must  accept  it, 
and  give  a  certified  cheek  in  payment.  If  the  sale  is 
cash,  it  is  to  be  delivered  and  paid  for  the  same  day. 
If  the  sale  is  regular,  it  must  be  delivered  and  paid 
for  the  next  day  before  2i  P.  M.  If  at  the  option  of 
the  buyer  or  seller,  stock  must  be  delivered  at  the 
time  named  in  the  contract. 

"CURBSTONE  BROKERS." 

These  operators  are  sometimes  called  gutter-snipes. 
They  do  business  outside  of  the  Stock  Board.     They 


72  "BULLS  AND  BEARS." 

have  no  office,  but  operate  on  the  street.  They  are 
small  traders  in  stock,  and  are  usually  employed  by 
brokers  on  small  commissions.  They  buy  and  sell 
through  others.  Noted  Bulls  and  Bears  cannot  attend 
the  Stock  Board  without  creating  an  excitement. 
They  keep  out  of  sight  and  employ  these  men.  Par- 
ties who  have  not  money  enough  to  buy  a  dinner,  of- 
ten take  a  million  of  gold,  or  a  thousand  shares  of 
stock.  Curbstone  brokers  do  not  touch  the  gold,  nor 
receive  the  stock.  They  simply  stand  between  the 
broker  and  his  customers.  A  large  portion  of  this 
class  earn  only  a  scanty  living.  Most  of  them  are  re- 
duced speculators,  who  haunt  the  street,  hoping  that 
fortune  may  change.  Many  of  this  class  rode  in  car- 
riages when  the  present  millionaires  of  New  York 
were  errand  boys,  or  bootblacks,  or  porters. 

"BULLS  AND  BEARS.'5 

Bulls  have  horns  and  toss  up.  Bears  have  paws  and 
press  down.  A  bull  in  the  market  is  an  operator,  who 
buys  stock  when  it  is  low — raises  the  market  and  sells 
out.  These  men  form  combinations,  cliques,  and  con- 
spiracies, to  send  up  the  price  of  stocks,  and  are  not 
always  scrupulous  about  the  way  it  is  done.  They  sur- 
round the  board,  and  with  their  associates  bull  the 
market,  as  it  is  called.  When  they  enter  the  room 
their  appearance  produces  excitement.  They  employ 
small  brokers  often,  to  buy  up  stock  while  they  keep 
out  of  sight.  Pacific  Mail  is  offered  at  31,  bull  offers 
311  and  more.  Some  one  offers  to  sell  at  311.  Bull 
shouts,  take  one  thousand  five-eighths  and  more.  A  few 
passes  of  this  kind,  taking  all  that  is  offered  and  in- 


v  COLLATERALS."  73 

creasing  the  price  constantly  excites  the  market,    'i 
stock  is  run  up.  Men  who  have  sold  short  get  alarmed 

and  rush  in  to  buy  while  they  can.  Amid  the  <  - 
fusion  and  excitement  the  bulls  sell  out  and  go  on  their 
way  bellowing  with  delight.  The  bears  depress  the 
price  of  stock  or  lower  it.  They  form  combinations, 
and  use  the  same  tactics  to  lower  gold  that  the  bulls  do 
to  raise  it.  Combinations  are  formed,  rumors  circu- 
lated, startling  telegrams  read,-  which  often  lower  stock 
or  gold  long  enough  to  enable  bears  to  accomplish 
their  purpose.  Fortunes  change  hands  in  a  minute  in 
Wall  Street.  If  stocks  are  seventy,  the  bears  offer  to 
sell  at  sixty-five.  If  that  is  taken  stock  is  offered  at 
>:xty.  In  this  way  a  panic  is  often  created  that  sweeps 
through  the  whole  board.  Parties  who  carry  stock, 
not  knowing  what  is  the  matter,  throw  it  on  the  mar- 
ket and  break  it  down.  The  bears  then  buy  for  the 
rise  which  they  know  must  come.  The  fall  is  artificial — 
the  rise  inevitable.  Or,  the  bears  sell  short  at  GO  when 
stock  is  70.  The  combination  runs  the  line  down  to 
50,  and  makes  the  difference  as  profit.  Stock  is 
borrowed.  It  is  worth  70  to-day.  To-morrow  it  fills 
to  GO.  The  party  buys  it  at  GO  and  pays  back  what  he 
borrowed  yesterday,  and  sold  at  70,  making  10  per 
cent. 

"  COLLATERALS." 

These  are  first  class  securities  or  valuables  on  which 
money  can  be  obtained  in  the  street.  Government-, 
gold  bearing  State-bonds,  first  class  railroad  bonds, 
and  bank  shares,  are  gilt  edged.  With  these  collater- 
als money  can  be  obtained  usually  at -par,  or  within  ten 
per  cent,  of  their  value.     Speculative  stocks  which  are 


74  "DIFFERENCES."— OTHER  PHRASES. 

on  the  regular  list  can  command  money  with  a  margin 
of  ten  or  twenty  per  cent.  No  collaterals  are  accepted 
which  are  not  bought  and  sold  at  the  exchange. 

"  DIFFERENCES." 

When  a  party  sells  stock  and  does  not  deliver  it,  but 
pays  the  difference  between  the  price  of  the  stock  on 
the  day  sold  and  the  day  on  which  it  was  to  be  deliv- 
ered, the  transaction  is  called  the  difference,  as  no  stock 
passes. 

"WASHING  THE  MARKET." 

This  indicates  a  sham  transaction.  Two  parties 
make  an  agreement  to  buy  and  sell  from  each  other. 
The  transaction  is  bogus — it  is  designed  to  affect  the 
market.  Washing  the  market  is  pronounced  illegal 
at  the  stock  board.  The  parties  to  the  transaction,  if 
the  market  is  affected  by  it,  are  subject  to  fine  or  ex- 
pulsion. 

OTHER  PHRASES. 

A  Stock  jobber  is  one  who  bears  the  same  relation  to 
the  street  as  a  jobber  does  to  a  dry  goods  house.  Sad- 
dling the  market,  is  throwing  upon  it  a  great  quantity 
of  stock — more  than  is  called  for.  Scattering  stock,  is 
distributing  it  among  a  large  number  of  persons,  in 
contrast  with  selling  it  in  blocks,  or  its  being  held  by 
a  few.  Twist  in  stocks,  is  putting  on  the  screws,  com- 
pelling shorts  to  cover,  or  parties  who  have  stocks  to 
deliver,  to  buy  in.  Ten  up,  is  ten  per  .cent,  deposited 
in  a  loan  and  trust  company  to  meet  contracts  where 
parties  are  doubtful.  Unload  the  street — the  reverse 
of  saddling  the  market. 


«!CSB«jr 


STOCK    EXCHANGE,   BROAD  STREET. 


IV. 
STOCK  EXCHANGE. 

The  Gold  Room. — The  Clearing  House. — Gambling  in*  Stocks. 

The  Stock  Exchange  is  the  name  of  the  fine  marble 
building  on  Broad  street  and  Wall,  where  the  daily 
stock  transactions  of  the  country  take  place.  The  stock 
board  is  an  incorporated  company,  and  is  the  only 
lawful  association  in  the  city  for  the  transaction  of 
business  connected  with  stocks.  The  board  is  com- 
posed of  ten  hundred  and  fifty  members,  all  other 
boards  having  been  consolidated  with  this.  From 
these  members  is  chosen  a  council  of  forty  persons* 
who  have  absolute  control  over  the  exchange.  The 
initiation  fee  is  $10,000.  The  party  is  admitted  by 
ballot,  and  four  black  balls  defeat  an  election.  But 
few  persons  are  initiated,  Seats  can  be  purchased  at 
a  price  of  $5,000.  A  seat  in  the  board  is  absolute 
personal  property.  A  member  can  sell  out  as  he  could 
sell  any  other  merchandise  that  he  owns.  The  party 
purchasing  has  to  run  the  ordeal  of  the  committee  on 
admissions.  Here,  as  in  the  other  case,  four  black  balls 
defeat  an  election.  An  admission  fee  of  $500  is  de- 
manded of  all  who  come  into  the  board  by  purcha 
The  annual  dues  are  $50. 

In  the  lower  story  of  the  stock  exchange  there  is  a 

(75) 


76  '  STOCK  EXCHANGE. 

large  room,  one  portion  of  which  is  separated  by  an 
iron  railing.  Behind  this  railing  none  but  regular 
members  of  the  board  are  allowed  to  pass.  Here,  the 
irregular  sale  of  stocks  takes  place.  The  sales  begin 
at  any  time,  and  stocks  are  sold  in  order  and  out  of 
order.  A  dozen  stocks  can  be  sold  at  one  time. 
Parties  begin  the  sale  when  they  choose,  and  continue 
it  as  long  as  they  are  disposed  to.  The  room  is  a  per- 
fect bedlam  from  morning  till*  night.  The  sales  are 
irregular  only  in  regard  to  the  manner  of  selling  and 
the  character  of  the  stocks  offered.  None  but  regular 
members  of  the  board  can  buy  and  sell.  The  terms 
of  the  sale  and  the  rules  of  the  board  are  strictly  ob- 
served, and  expulsion  would  follow  their  violation  as 
in  the  regular  room  of  the  exchange.  A  portion  of 
the  room  is  a  lounging  place  for  speculators,  curbstone 
brokers,  and  soldiers  of  fortune.  Fifty  dollars  a  year 
is  required  as  an  entrance  fee.  •  It  is  cheaper  than  an 
office  can  be  hired  elsewhere.  It  is  better  than  to  be 
lounging  on  the  curbstone,  or  drenched  by  the  pelting 
rain.  The  crowd  is  a  noisy,  brawling,  ill-dressed,  ill- 
behaved  set, — turbulent  and  discordant.  Huddled 
together  are  all  classes  and  conditions,  foreigners  and 
natives,  Jews  and  christians,  seedy  speculators  and  ad- 
venturers ;  they  resemble  the  inmates  of  the  "bummers7 
cell "  in  the  Tombs  of  a  Sunday  morning.  These  men 
operate  through  the  brokers,  who  crowd  the  cock-pit 
within  the  iron  railing.  The  language  of  this  room  dif- 
fers somewhat  from  that  of  the  street.  Little  knots  of 
men  can  be  found  in  different  parts  of  the  room,  and 
are  known  by  specific  names,  such  as  "the  Erie  gang,17 
"Central   clique,"    and   the    "Rock   Island  fellows.'7 


STOCK  EXi  ha :■  77 

These  men  keep  up  the  din  and  clatter  all   duy.  li 

i  in  a  mock  auction  store,  till  the  janitor  drives  the 
parties  into  the  street  as  he  closes  the  doors. 

Up  stairs  is  the  regular  board,  where  busine 
done  in  order.  Only  a  certain  line  of  stocks  is  allowed 
on  the  list,  and  these  stocks  are  called  in  order.  At 
half  after  ten  o'clock  precisely,  the  vice-president  takes 
his  chair  and  calls  to  order.  The  morning  sessions 
are  usually  dull.  The  regular  stocks  are  called  in 
a  slow  and  monotonous  manner.  There  are  few 
chairs  in  the  room,  a  portion  of  which  are  occupied. 
Loungers  hang  round  listlessly,  reading  papers  and 
talking.  Gradually  the  members  file  in.  By  twelve 
o'clock  the  room  is  crowded.  Every  standing  place 
is  occupied.  In  the  absence  of  excitement  in  the  sale 
of  stocks  members  recreate  themselves  by  pastimes. 
They  joke,  they  scuffle,  slap  each  other  on  the  should- 
ers ;  knock  a  new  spring  hat  down  over  the  eyes  of  an 
exquisite  ;  vary  the  excitement  with  cat-calls,  whistles, 
and  imitations  of  domestic  animals,  especially  those  of 
the  barn-yard.  When  an  exciting  stock  is  reached  the 
whole  thing  changes.  The  great  mass  quiver  with 
excitement.  They  rush  to  the  cock-pit  in  front  of 
the  desk,  pushing  aside  the  slow,  and  trampling  on 
the  feeble.  Stock  is  offered  and  taken — u500" — 
"100,000"—"  50  and  more,"—"  any  part  of  a  million." 
The  whole  room  rings  with  excitement — five  hundred 
men  yelling,  stamping,  screaming,  swaying  their  bodies, 
swinging  their  arms — hitting  out  right  and  left,  while 
the  loud  voice  of  the  janitor  increases  the  confusion  as 
he  shouts  out  the  name  of  some  broker  who  is  needed 
on  the  outside,  or  for  whom  a  telegram  has  been 
received. 


78  .  STOCK  EXCHANGE. 

This  controlling  institution  is  entered  from  Wall 
Street  and  Broad.  It  is  a  marble  building,  of  great 
elegance.  The  Gold  Room,  where  the  daily  sales  take 
place,  js  one  of  the  most  brilliant  rooms  in  the  city. 
The  vaults  are  models  of  security.  They  have  in 
them  two  hundred  and  fifty  safes,  each  secured  by 
independent  locks,  which  have  in  them  a  million  com- 
binations. No  two  locks  are  alike.  Each  member  of 
the  Board  of  Brokers  has  a  safe  assigned  to  him.  In 
these  vaults  repose  the  treasures  of  the  millionnaires 
of  New  York.  The  board  was  organized  in  1794.  At 
one  time  the  entrance  fee  was  fifty  dollars.  It  is  now 
three  thousand  dollars.  A  candidate  is  put  on  proba- 
tion for  ten  days.  His  financial  honor  must  be  without 
a  stain.  Application  must  be  made  through  some  well- 
known  member,  and  the  fact  is  made  public.  If  no 
objection  is  made,  a  ballot  is  had.  Fourteen  black  balls 
defeat  an  election.  The  initiation  fee  is  put  high,  that 
none  but  men  of  capital  and  honor  may  be  admitted. 
The  rules  are  extremely  stringent.  A  violation  is  fol- 
lowed by  summary  ejection.  Every  contract  is  made 
on  honor,  and  must  be  kept  to  the  letter,  or  the  party 
is  expelled,  whoever  he  may  be.  For  instance,  a  hun- 
dred shares  of  Erie  are  sold  at  the  board  by  one  broker 
to  another.  The  seller  delivers  the  stock,  and  takes  in 
payment  the  check  of  the  buyer.  The  check  is  known 
to  be  worthless.  The  buyer  cannot  pay  till  he  has 
delivered  the  stock  to  the  customer  who  ordered  it. 
But  the  check  will  be  made  good  before  three  o'clock. 
Millions  of  stock  pass  daily  from  one  hand  to  another 
in  this  way.  During  all  the  years  of  the  existence  of 
the  board  but  one  member  has  been  found  guilty  of 


AN  INSIDE  VIEW,  79 

fraud.  Some  of  the  sharp,  bold  operators,  who  bull  and 
bear  the  market,  cannot  get  into  the  board  at  any 
price.  They  would  give  ten  thousand  dollars  to  be- 
come members.  Their  financial  reputation  is  bad,  and 
they  cannot  enter.  These  men  operate  through  mem- 
bers of  the  board. 

AN    INSIDE    VIEW. 

On  entering  the  building,  the  members  pass  up  a 
broad  flight  of  stairs  into  a  small  ante-room,  where  their 
tickets  are  examined.  They  are  then  admitted  into 
the  Gold  Room.  It  is  a  very  gorgeous  room.  It  is  as 
elegant  as  wealth  and  taste  can  make  it.  The  stuffed 
arm-chairs  are  inlaid  with  gold.  The  walls  are  covered 
with  green  silk,  lapped  in  heavy  folds,  instead  of  paper. 
The  ceiling  is  elaborately  painted,  chandeliers  hang 
around.  The  president's  seat  is  magnificent.  The  pres- 
ident has  no  salary.  His  position  is  one  of  honor. 
The  work  of  the  board  is  done  by  the  first  vice-pres- 
ident, who  from  ten  to  one  calls  the  stocks  and  declares 
the  sales.  For  this  monotonous  service  he  has  a  salary 
of  seven  thousand  five  hundred  dollars  a  year.  The 
second  vice-president  presides  over  the  second  board, 
and  has  three  thousand  dollars  a  year  for  his  work.  A 
regular  stock  list  is  made  out.  No  stock  can  be  sold  at 
the  board  that  is  not  on  the  list.  Guarantees  are 
required  from  all  parties  who  offer  stock,  and  -none  can 
be  put  on  the  daily  list  without  a  vote  of  the  board. 
At  high  'change,  the  room,  that  will  hold  a  thousand, 
is  packed.  In  front  of  the  president's  desk  is  a  deep 
basin,  called  the  cock-pit.     In  this  basin  is  an  oblong 


80  .4AT  INSIDE  VIEW. 

table,  fastened  to  the  floor  by  iron  clamps.  Without 
this,  the  excited  crowd  who  huddle  together  in  the 
cock-pit  would  trample  each  other  to  death. 

Daily  some  stock  excites  the  market.  Its  unexpected 
rise  or  fall  produces  intense  feeling.  The  lists  of  stocks 
are  usually  quietly  sold  without  attention.  The  ex- 
citing stocks  are  well  known,  and  when  called,  arouse 
the  whole  chamber.  Chairs  are  abandoned,  men  rush 
pell-mell  into  the  cock-pit,  and  crowd,  jostle,  push,  and 
trample  on  one  another.  They  scream  out  their  offers 
to  buy  and  sell.  They  speak  all  at  once,  yelling  and 
screaming  like  hyenas.  The  scene  is  very  exciting. 
Pandemonium  is  not  wilder,  or  more  disorderly.  The 
presiding  officer  stands  erect,  cool  and  silent.  Several 
hundred  men  surge  before  him,  stamping,  yelling, 
screaming,  jumping,  sweating,  gesticulating,  violently 
shaking  their  fists  in  each  other's  faces,  talking  in  a 
tongue  not  spoken  at  Pentecost.  The  president  holds 
in  his  hand  a  mallet  of  ivory,  and  before  him  is  a  block 
of  wood  encased  in  brass.  On  this  he  strikes  with  his 
mallet,  to  control  the  intense  excitement.  Without  it 
he  would  pound  his  desk  to  pieces  in  a  short  time.  So 
many  minutes  are  allowTed  for  the  sale  of  stock.  In  the 
midst  of  this  mad  frenzy  and  apparent  disorder,  every 
word  of  which  is  understood  by  the  initiated,  the  mallet 
comes  down  with  a-shower  of  vigorous  blows.  "  Order ! 
order ! "  runs  through  the  chamber.  The  noise  and 
tempest  is  hushed  in  a  moment.  "  No  more  offers  to- 
day, gentlemen ! "  the  officer  says,  as  the  name  of  the 
buyer  is  announced.  If  the  sale  is  contested,  the  pres- 
ident names  the  buyer.  If  an  appeal  is  taken  from  his 
decision,  it  is  settled  on  the  spot  by  a  vote  of  the  board. 


THE  GOLD  ROOM.  81 

A  Inn idrcd  thousand  dollars  often  hang  on  that  de- 
cision. The  party  against  whom  it  is  given  can  do 
nothing  but  submit. 

THE  GOLD  ROOM. 

This  is  an  organization  distinct  from  the  stock  board. 
Its  rooms  are  not  in  the  stock  exchange,   but   are 
reached  by  a  passage-way  in  the  rear  of  the  stock 
room.     It  was  organized  seven  years  ago,  and  confines 
its  business  to  transactions  in  gold.     It  is  more  excit- 
ing in  its  methods  of  doing  business  than   the  stock 
exchange.     A  large  proportion  of  the   persons  who 
crowd  the  gold  room  are  young  men,  clerks,  and  even 
boys.     At  the  stock  board  none  but  actual  members 
can  buy  and  sell.     Junior  partners  are   taken  in  to 
represent  the  house  at  the  board,  now  that  muscular 
brokerage  is  so  prominent.     In  the  gold  room  mem- 
bers can  be  represented  by  their  clerks,  assistants,  ox 
messengers.     All  such  must  have  a  power  of  attorney 
from  the  principal  that  he  will  be  bound  by  the  con- 
tracts of  his  representative.     This  young  element  gives 
a  rough,   uncouth,  wild  look  to  the  gold  room,  and 
makes    strangers    wonder    whether    these    beardless 
youngsters  are  the  famous  bulls  and  bears  of  which 
so  much  is  said.     The  transactions  of  the  gold  room 
are   on  the  highest  principles  of  honor.     Two  men 
talk    quietly  together,  without  a  witness,  a  few  min- 
utes,  and  a  million  of   gold  passes.     The    gold  dial 
indicates  gold  at  1.13.     Instantly  twenty  youngsters 
spring  to  the  cock-pit  and  commence  screaming.     A 
portion  of  them  shout  1.13,  another  portion  12  J.   Appa- 
rently exhausted,  the  confusion  ends,  and  the  little  dial 
6 


82  THE  GOLD  ROOM. 

indicates  gold  at  121.  Gold  has  dropped  one-eighth, 
and  a  million  has  been  sold.  Somebody  makes,  some- 
body loses.  But  the  contract  made  by  the  lads  around 
that  oblong  table  is  faithfully  kept  by  their  principals. 
It  must  be,  or  the  defaulting  party  would  be  immedi- 
ately expelled  the  board.  Gold  is  sold  in  lots — a  mil- 
lion lot  is  very  common.  The  sale  of  gold  in  six  days 
in  September,  1869,  amounted  to  these  enormous 
sums:  98  millions  390  thousand; — 85  millions  436 
thousand; — 93  millions  300  thousand; — 88  millions 
500  thousand; — 324  millions  524  thousand; — and  500 
millions.  In  all  these  sales  except  the  last  no  man 
shrank  from  his  contract  or  failed  to  deposit  his  certi- 
fied check  to  make  good  his  losses  at  the  board.  The 
gentleman  who  presides  at  the  stock  board  is  a  min- 
ister. He  finds  the  salary  of  $5,000  a  year  and  the  sur- 
roundings, more  profitable  than  occupying  the  pulpit. 
The  exactness  with  which  business  is  transacted  is  mar- 
velous. Millions  pass,  not  only  without  error,  but 
without  the  slightest  irregularity.  The  principal  busi- 
ness of  the  gold  board  in  ordinary  times  is  done  in  the 
morning.  The  sales  commence  at  10  o'clock.  Reg- 
ular buyers  send  their  orders  to  brokers  by  telegraph. 
The  railroads,  banks,  moneyed  institutions,  corpora- 
tions, and  heavy  merchants,  have  wires  that  connect 
them  with  the  gold  room.  In  their  ordinary  business 
these  men  are  not  speculators.  They  must  have  a  daily 
supply  of  gold  without  regard  to  price.  These  orders 
are  filled  in  the  morning.  The  gold  board  therefore 
opens  strong  at  10  o'clock,  while  the  stock  board  is 
weak. 


THE  CLEARING  U<>!  83 


SALE  OF  GOVERNMENT  BONDS. 

Government  securities  are  not  sold  at  the  regular 
stock  board.  The  demand  for  these  securities  requires 
a  continuous  sale.  At  the  stock  board  they  would 
have  to  take  their  place  in  the  regular  list  and  be  called 
for  when  they  were  reached.  To  accommodate  the 
government  a  special  chamber  is  assigned  for  the  sale 
of  governments.  It  is  a  handsome  room  adjoining  the 
stock  board.  None  but  regular  members  of  the  board, 
however,  can  buy  or  sell.  All  orders  come  through 
these  gentlemen. 


THE  CLEARING  HOUSE. 

This  institution  is  an  important  portion  of  the  stock 
and  gold  operations  of  the  street.  All  the  gold  that 
is  sold  passes  through  the  clearing  house.  It  is  one 
of  the  most  interesting  places  in  New  York,  and  gives 
one  a  glimpse  of  the  stupendous  business  carried  on  by 
the  moneyed  men  of  the  city.  The  clearing  house  is 
not  open  to  the  public,  but  can  be  visited  by  special 
permission  from  the  manager.  The  association  known 
as  the'  Clearing  House  was  created  in  1853.  Formerlv, 
to  exchange  checks  and  enable  the  banks  to  settle  with 
each  other,  messengers  were  sent  from  bank  to  bank. 
A  full  settlement  was  effected  only  once  a  month. 
The  up  town  banks  were  always  indebted  to  the  down 
town  banks.  Through  this  indebtedness  "kitiBg"  was 
carried  on,  and  other  irregularities.  It  was  necessary 
to  check  these.  The  universal  custom  of  doing  busi- 
ness through  the  banks  made  such  an  increase  of  labor 
that  the  old  mode  of  exchanging  checks  because  im- 


84  THE  CLEARING  HOUSE. 

practicable,   and  the  clearing  house  became   a  Wall 
street  institution. 

The  association  is  located  in  the  third  story  of  the 
building  of  the  Bank  of  New  York.  The  centre  of 
the  room  is  occupied  by  a  bank  counter,  extending  0:1 
four  sides,  with  a  passage  inside  and  out.  Fifty-nine 
desks  are  placed  on  the  counter  for  the  use  of  the  fifty- 
nine  banks  represented  in  the  association.  Each  desk 
bears  the  name  of  the  bank  to  which  it  belongs.  Fitted 
up  in  each  desk  are  fifty -nine  pigeon  holes  for  the 
checks  of  the  various  banks.  Two  clerks  represent 
each  bank.  One  remains  at  the  desk  and  receives  all 
the  checks  on  his  bank.  He  signs  the  name  of  the 
bank  to  the  sheet  which  each  outside  clerk  holds  in  his 
hand.  These  outside  clerks  go  from  desk  to  desk  and 
leave  the  checks  received  the  day  before,  with  the 
banks  on  which  they  are  drawn.  Banks  do  not  begin 
public  business  till  ten ;  but  clerks  have  to  be  on  hand 
at  eight,  when  all  checks  are  assorted  and  arranged 
for  delivery  at  the  clearing  house. 

At  ten  minutes  before  ten  the  bank  messengers 
begin  to  assemble  and  take  their  places.  As  they  enter 
they  leave  with  the  messenger  a  slip  containing  an 
exact  account  of  the  bank  they  represent.  These 
statements  are  put  on  a  sheet  prepared  for  that  pur- 
pose, and  must  conform  precisely  to  the  checks  re- 
ceived^ inside,  before  the  clearing  house  closes  its  du- 
ties. If  there  is  any  error  or  discrepancy  the  bank  is 
immediately  notified  by  telegraph,  and  the  clerks  kept 
until  the  matter  is  satisfactorily  adjusted.  At  ten, 
promptly,  business  begins.  Clerks  come  rushing  in 
with  small  trunks,  tin  boxes,  or  with  bundles  in  their 


THE  CLEARING  HOI  85 

arms,  and  take  their  seats  at  the  desks.  On  the  side 
of  the  room  entered  only  from  the  manager's  office  is 
a  desk,  not  unlike  a  pulpit.  Precisely  at  ten  the  bell 
rings,  the  manager  steps  into  his  box,  brings  down  his 
gavel,  and  the  work  of  the  day  begins.  Quiet  prevails. 
No  loud  talking  is  allowed,  and  no  confusion.  A  bank 
late  is  fined  two  dollars;  a  party  violating  the  rules 
or  guilty  of  insubordination,  is  fined  two  dollars  and 
reported  to  the  bank.  On  repetition,  he  is  expelled 
the  clearing  house.  The  daily  transactions  of  the 
clearing  house  varies  from  ninety-eight  to  one  hundred 
millions.  The  system  is  so  nicely  balanced  that  three 
millions  daily  settle  the  difference.  Each  bank  indebted 
to  the  clearing  house  must  send  in  its  check  before 
half  after  one.  Creditors  get  the  clearing  house  check 
at  the  same  hour.  Daily  business  is  squared  and  all 
accounts  closed  at  half  after  three.  Every  bank  in  the 
city  is  connected  with  the  clearing  house  by  telegraph. 
The  morning  work  of  clearing  one  hundred  millions, 
occupies  ten  minutes.  Long  before  the  clerks  can 
reach  the  bank,  its  officers  are  acquainted  with  the 
exact  state  of  their  account,  and  know  what  loans  to 
grant  or  refuse.  Through  the  clearing  house  each 
bank  is  connected  with  every  other  in  the  city.  If  a 
doubtful  check  is  presented,  if  paper  to  be  negotiated 
is  not  exactly  clear,  while  the  party  offering  the  paper 
or  check  is  entertained  by  some  member  of  the  bank, 
the  telegraph  is  making  minute  enquiries  about  his- 
financial  standing.  Before  the  conference  closes  the 
bank  knows  the  exact  facts  of  the  case.  Mr.  Camp, 
the  manager,  has  great  executive  ability.  He  holds 
the  hundred  and  eighteen  bank  messengers  in  admir- 


86  GAMBLING  IN  STOCKS. 

able  order,  and  blends  the  character  of  a  gentleman 
with  the  efficient  discharge  of  his  duties. 

GAMBLING  IN    STOCKS. 

I  shall  refer  to  the  mania  in  stock  gambling — its  ex- 
tent and  bitter  fruits — in  another  article.  Whatever 
there  is  about  dealing  in  stocks  that  savors  of  gambling, 
it  is  not  difficult  to  see  why  dealing  in  gold  and  in  stocks 
is  not  quite  as  honorable  as  any  other  calling.  Called 
by  another  name  men  are  as  sharp,  as  shrewd,  and  as 
tricky  in  trade,  as  any  that  can  be  found  in  the  street. 
Men  are  capitalists,  bull  and  bear  dry  goods,  wheat 
and  provisions ;  corner  coal,  form  cliques  and  combina- 
tions to  make  money  over  their  less  wide-awake  asso- 
ciates, as  much  so  as  in  Wall  Street.  It  is  certain  that 
gold  is  as  much  an  article  of  commerce  as  cotton.  If 
a  merchant,  shrewd  and  rich,  should  get  some  private 
information  that  satisfied  him  that  cotton  was  going 
up,  he  would  not  probably  tell  all  the  world  what  he 
knew,  but  would  go  quietly  and  buy  up  all  the  cotton 
he  could  command.  He  would  not  be  pronounced  a 
gambler  in  cotton,  but  held  up  as  a  model  of  enter- 
prise and  far-sightedness.  Stewart  has  over  and  over 
again  bought  up  cottons  and  other  styles  of  goods,  and 
compelled  the  trade  to  buy  of  him  at  his  own  price. 
He  is  not  called  a  gambler  in  cloths  for  the  trade,  but 
considered  honorable  and  shrewd.  There  are  styles 
of  goods  of  which  he  holds  the  complete  monopoly, 
and  makes  the  market  tight  on  that  class  as  Wall  St. 
operators  do  on  greenbacks.  During  the  war,  some 
men  bought  up  all  the  duck  that  was  manufactured  in 
Europe,  and  took  a  contract  for  a  term  of  years.   Their 


GAMBLING  IN  STOCKS  S7 

families  roll  in  wealth  from  what  is  called  a  fortunate 
ulation.  Immense  quantities  of  whisky  were 
bought,  and  hundreds  of  warehouses  rented  to  store  it. 
It  was  held  by  the  parties  who  bought  it  at  a  low 
figure,  till  it  raced  up  like  gold  on  the  Black  Friday. 
These  men  were  called  fortunate  dealers  and  not  gam- 
blers, William  B.  Astor  buys  whole  blocks  of  land  in 
the  upper  part  of  New, York.  lie  does  it  because  he 
knows  that  property  will  rise  on  his  hands.  A  society 
in  Xew  York  bought  a  block  of  ground — placed  upon 
it  a  church  and  parsonage,  and  then  sold  the  balance 
for  more  than  the  whole  land  cost,  church  and  all. 
The  society  bought  the  ground  because  it  knew  it 
would  rise,  and  not  to  lose  money. 

Stocks  sold  at  the  regular  board  represent  substan- 
tial property  as  much  as  any  merchandise  in  the  land, 
as  ships  or  warehouses.  They  represent  immense  fran- 
chises, railroad  beds,  rolling  stock,  real  estate,  and  busi- 
ness. Without  the  aid  of  Wall  Street  railroads  could 
•not  be  built.  Parties  who  buy  and  sell  know  what 
they  are  doing,  or  may  know  if  they  choose.  If  a  man 
goes  to  a  pettifogger  or  tombs'  lawyer  for  advice,  instead 
of  a  reputable  lawyer,  people  laugh  at  him  for  his  pains. 
If  parties  will  pass  by  the  well  known  establishments 
of  the  city  and  make  their  purchases  in  some  one  of 
the  mock  auction  stores  that  line  Broadway  and  get 
fleeced,  nobody  pities  them.  If  parties  answer  a  flash 
advertisement  in  a  paper  in  which  a  musical  instrument 
is  offered  for  a  very  small  sum,  and  they  part  with  their 
money,  receiving  the  instrument  by  express,  and  find 
that  it  is  a  penny  whistle,  they  are  pronounced  fools 
by  sensible  people.     If  parties  have  money  to  invest 


88  GAMBLING  IN  STOCKS. 

in  Wall  Street — have  50  or  1,000  dollars  which  they 
want  to  throw  upon  the  troubled  pool  of  speculation, 
want  to  give  the  thing  a  fair  trial,  they  can  find  a  hun- 
dred'firms  in  the  street,  with  whom  their  money  would 
be  perfectly  safe,  who  will  buy  and  sell  as  they  are  or- 
dered, but  who  would  no  more  wrong  them  than  they 
would  wrong  their  own  souls.  But  if  men  want  to  do 
a  little  business  on  the  sly,  profess  a  holy  horror  for 
speculation,  but  try  a  flyer  for  themselves  and  are 
ready  to  invest  in  the  extraordinary  schemes  which 
speculators  have  to  offer,  they  will  find  in  Wall  Street 
herds  of  men  who  are  able  and  willing  to  take  the  very 
skin  off  from  their  backs  and  mollify  the  quivering  flesh 
with  vitriol. 

The  leading  members  of  the  stock  board  are  among 
the  best  known  and  honorable  citizens  of  New  York. 
Many  of  them  have  reached  half  a  century's  service  in 
the  street  without  a  stain  upon  their  honor.  By  their 
wealth  they  have  made  the  upper  part  of  the  city  cel- 
ebrated in  all  lands.  In  all .  improvements  they  have 
borne  a  prominent  and  liberal  part.  There  is  scarcely 
a  college  in  the  land,  or  an  educational  institution,  or 
a  school  of  humanity  or  reform,  that  the  brokers  of 
Wall  Street  have  not  helped  to  build  and  maintain. 
Central  Park  owes  its  origin,  its  beauty,  and  its  liberal 
proportions  to  this  class.  The  elegant  churches  of  the 
city  and  of  the  country  bear  witness  to  their  liberality. 
Any  minister  in  the  land  who  has  a  Wall  Street  broker 
for  a  parishioner  has  a  large  hearted  and  generous 
friend.  Their  contributions  to  the  various  charities  of 
the  day  are  constant  and  large  as  the  seas.  Could  the 
books  that  hold  the  donations  for  mission  work  in 


GAMBLING  IN  STOCKS.  89 

various  parts  of  the  world  be  open  to  inspection,  it 
would  be  found  that  the  benefactions  of  Wall  Street 
are  second  to  none  others.  In  honesty  of  purpose,  fair 
dealing,  promptness  in  meeting  contracts,  high-toned 
honor,  unbounded  liberality  blended  with  great  execu- 
tive ability,  the  regular  brokers  of  Wall  Street  need 
fear  no  comparison  with  any  department  of  business. 
In  the  dark  days  of  our  country's  peril,  when  the  Presi- 
dent was  not  safe  in  the  capitol ;  when  there  was  hardly 
an  officer  left  true  to  the  flag ;  when  the  nation  was 
without  soldiers,  arms  or  ammunition ;  when  our  ships 
of  war  were  disabled  at  home  or  sent  beyond  reach 
over  the  seas ;  when  we  had  no  money  and  not  a  friendly 
hand  stretched  out  towards  us  from  any  government; 
and  when  commercial  as  well  as  national  ruin  seemed 
to  be  overshadowing  us — Wall  Street  lead  the  great 
contributions  which  strengthened  the  arm  of  govern- 
ment— turned  out  its  treasures  like  water  to  gather 
and  equip  soldiers,  bore  its  part  in  the  dark  and  calam- 
itous times  that  rolled  over  us  and  joined  with  the  as- 
sembled thousands  in  shouting  the  doxology  when  the 
civil  war  ended  and  the  national  honor  was  fully  sus- 
tained. 


THE  ASTORS  IN  WALL  STREET. 

The  Young  Astors. — Astor's  Start  in  Life. — Becomes  a  Merchant. 
— Talk  with  Philip  Hone. — Astor's  Charities. — Aaron  Burr's 
Leases. — William  B.  Astor. — Mr.  Astor  at  Work. — His  Public 
Spirit. 

One  of  the  most  remarkable  families  in  America  are 
the  Astors.  They  seem  to  have  defied  all  the  ordi- 
nary laws  of  trade  and  success.  The  third  generation 
maintains  the  high  rank  in  wealth  that  was  won  by  the 
first.  Since  John  Jacob  Astor  gave  his  munificent 
donation  to  the  city  to  found  a  library,  whole  families 
have  been  wiped  out.  The  sons  of  princely  merchants 
have  become  beggars.  Men  who  inherited  fortunes 
from  their  fathers  dwell  in  tenement  houses.  A  new 
race  of  men,  who  were  coal-heavers,  porters,  errand 
boys,  and  clerks  of  the  old  merchants,  now  dwell  in 
palaces,  and  drive  dashing  teams  through  Central 
Park.  Neither  in  Boston,  Philadelphia,  or  any  of  our 
large  cities,  has  property  descended  to  a  third  gener- 
ation, so  statistics  show.  The  line  of  business  peculiar 
to  John  Jacob  Astor,  was  accepted  and  carried  out  by 
his  sons.  The  wealth  he  accumulated  and  transmitted 
has  not  been  scattered.  It  is  still  compact,  and  has 
grown  with  the  gigantic  increase  of  wealth  in  New 
York.     In  the  varied  routine  of  business,  in  his  office, 

90 


THE  YOUNG  ASTORB  91 

William  B.  Astor  carries  out  every  wish  of  his  father. 

His  two  sons  arc  trained  in  the  same  line,  and  will 
cany  out  the  business  in  the  same  old  methods.  The 
fourth  generation  give  promise  of  following  in  the 
footsteps  of  their  fathers. 

THE  YOUNG  ASTORS. 

John  Jacob  and  William  B.  Astor,  Jr.,  may  be  regard- 
ed as  model  business  young  men.  They  look  very  unlike. 
John  Jacob,  who  bears  down  the  name  of  his  hon- 
ored grandsire,  is  of  massive  proportions,  and  sandy 
complexion,  with  an  unmistakable  German  look,  as 
brawny  as  a  blacksmith,  and  with  a  slight  stoop.  Wil- 
liam B.,  Jr.,  is  slim,  of  average  height,  hair  dark  with 
an  auburn  turn.  His  style  of  dress  gives  him  a  seedy 
appearance  which  his  brother  does  not  possess.  John 
Jacob  resembles  his  father ;  William  B.,  Jr.,  takes  after 
his  mother.  These  young  men  live  in  princely  style 
on  Fifth  Avenue.  They  inherited  a  fortune,  and  by 
their  business  tact,  industry,  and  ability,  have  made 
their  inheritance  princely  in  size.  Their  personal  hab- 
its are  very  simple,  and  no  clerk  in  Wall  street  attends 
more  strictly  to  business  than  they.  Arm  in  arm  every 
morning  the  young  men  can  be  seen  walking  down 
Fifth  Avenue  to  their  office  in  Prince  street,  To  their 
business  they  seldom  ride,  and  when  they  do,  they 
employ  an  omnibus.  The  Prince  street  office  is  one 
of  business,  plainly  furnished,  and  is  fitted  up  in  the 
style  of  the  old  merchants  of  New  York.  Here  morn- 
ing business  is  transacted,  and  the  tedious  routine 
cheerfully  and  regularly  submitted  to.  The  young 
Astors   understand   completely    every    phase    of   the 


92  THE  YOUNG  ASTORS. 

mighty  business  belonging  to  their  house.  Titles, 
leases,  rentals,  investments,  stocks,  bonds,  securities, 
are  as  familiar  as  a  well-thumbed  library  to  a  black 
letter  lawyer.  Should  William  B.  Astor  die  to-mor- 
row, the  business  would  be  conducted  in  the  old  chan- 
nels by  the  sons ;  the  mantle  of  the  father  would  de- 
scend upon  the  children,  and  the  business  of  the  As- 
tors,  which  has  been  marked  for  half  a  century,  would 
run  on  for  half  a  century  to  come.  The  morning 
business  completed,  the  young  men  move  down  Broad- 
way to  their  Wall  street  office.  The  time  of  day  can 
almost  be  known  by  the  regularity  of  their  movements. 
They  give  personal  attention  to  their  investments,  and 
at  a  given  hour  in  the  afternoon  they  may  be  seen  re- 
turning as  they  went,  arm  in  arm,  walking  the  entire 
distance  from  Wall  street  to  their  home. 

In  New  York,  our  richest  men  are  the  hardest  work- 
ers. Persons  on  farms  and  in  machine  shops  are  anx- 
ious to  get  into  Wall  street,  or  into  a  bank  to  live  easily 
and  make  money.  No  artisan,  no  laborer  in  any  ma- 
chine shop  or  factory  in  the  land,  toils  so  much  like  a 
galley  slave,  as  our  richest  men  who  are  in  business, 
and  their  clerks  and  employees.  In  our  banks  the 
army  of  clerks  employed  are  on  hand  at  eight  o'clock 
and  remain  till  the  day's  work  is  done,  which  is  often 
not  till  night.  Take  the  Bank  of  New  York,  with 
its  ten  millions  of  money,  to  be  handled  daily,  its 
five  hundred  or  a  thousand  letters  to  be  registered 
and  answered,  and  the  labor  is  no  pastime.  Tur- 
moil, vexation,  and  excitement,  with  the  dog's  wages 
that  are  paid  to  clerks,  make  farming  a  luxury. 
There  isn't  a  man  in  the  country,  who  has  ability, 


ASTOR'S  START  IN  LIFE.  (J3 

that  would   do  the  work  that  William  B.  Astor  does 
daily,    for    ten    thousand   dollars    a   year.     His   oiV 
resembles  a  police  prison,  and  here  he  works,  rarely 
taking  exercise,   and  toiling  on,   early  and  late,   and 
tramping  on  foot  from  his  home  to  his  office  and  back. 

ASTOR'S  START  IN  LIFE. 

He  was  twenty  years  old  at  the  close  of  the  war  of 
Independence.  He  resolved  to  seek  his  fortune  in  the 
New  World.  He  was  a  poor,  uneducated  boy,  and  he 
trudged  on  foot  from  home  to  the  seaport  from  which 
he  was  to  sail.  A  small  bundle  held  all  his  worldly 
effects.  He  had  money  enough  to  secure  a  common 
steerage  passage.  He  expected  to  land  penniless  on 
American  soil.  Outside  of  his  native  village  he  paused, 
and  cast  towards  it  one  last,  long  look.  Beneath  the 
linden  tree  under  which  he  stood  he  formed  three 
resolutions :  "  I  will  be  honest,  I  will  be  industrious,  I 
will  never  gamble."  He  kept  these  resolutions  to  the 
day  of  his  death.  He  sailed  from  London  in  March, 
1783.  His  voyage  was  long  and  very  boisterous.  He 
formed  friendships  on  board  the  vessel  that  laid  the 
foundation  for  his  future  wealth.  The  father  of  ex- 
Mayor  Tiemann,  and  Mr.  PafT,  of  whom  Mr.  Astor 
bought  a  portion  of  the  ground  on  which  the  Astor 
House  now  stands,  were  passengers.  As  Wesley,  on 
the  Atlantic  Ocean,  formed  the  acquaintance  of  the 
Moravians,  whose  influence  over  him  changed  his  whole 
life,  so  Mr.  Astor  made  the  acquaintance  of  a  furrier,  in 
the  steerage  of  his  vessel,  that  introduced  him  to  that 
business  by  which  he  accumulated  millions. 

All  sorts  of  stories  are  circulated  about  the  early 
career  of  Mr.  Astor.     He  is  said  to  have  commenced 


94  GAINS  A  FOOTING. 

trading  in  apples  and  peanuts.  Had  this  been  so,  it 
would  have  reflected  no  disgrace  on  him  or  his  chil- 
dren. He  brought  with  him  seven  flutes  from  his 
brother's  manufactory  in  London.  These  he  sold.  He 
invested  the  proceeds  in  furs.  He  went  steadily  to 
work  to  learn  the  trade  for  himself.  He  was  frugal, 
industrious,  and  early  exhibited  great  tact  in  trade. 
He  was  accustomed  to  say,  later  in  life,  that  the  only 
hard  step  in  making  his  fortune  was  in  the  accumula- 
tion of  the  first  thousand  dollars.  He  possessed  marked 
executive  ability.  He  was  quick  in  his  perceptions. 
He  came  rapidly  to  his  conclusions.  He  made  a  trade 
or  rejected  it  at  once.  In  his  humblest  relations  to 
trade  he  exhibited  all  the  characteristics  which  marked 
him  in  maturer  life.  He  made  distinct  contracts.  These 
he  adhered  to  with  inflexible  purpose.  He  was  elastic 
and  sprightly  in  his  disposition,  cheerful,  open-hearted 
and  honorable.  His  broad  German  face  glowed  with 
intelligence  and  kindness.  The  honor  of  New  York, 
his  adopted  city,  was  always  dear  to  him. 

GAINS  A  FOOTING. 

Mr.  Astor  was  fortunate  in  obtaining  a  clerkship  in  the 
house  of  Robert  Bowne,  an  honest,  wealthy  Quaker, 
who  was  ever  after  the  fast  friend  of  Mr.  Astor. 
Astor's  brother,  Harry,  was  a  rich  Bowery  butcher. 
He  furnished  funds  to  his  brother  to  set  up  for  himself 
in  the  fur  trade.  Mr.  Astor  founded  the  American 
Fur  Company,  and  had  several  partners,  among  whom 
Peter  Smith,  the  father  of  Gerrit  Smith,  was  conspicu- 
ous. Mr.  Smith  retired  from  the  firm  with  a  fortune 
of  two  millions.  Mr.  Astor  kept  on  his  way,  and  rolled 
his  fortune  up  to  over  fifty  millions. 


BECOMES  A  MEl;rj/A\T.   '  05 

BECOMES  A  MERCHANT. 

Mr.  Astor  became  an  importer.  At  one  time  hi.c; 
store  Was  in  South  Street,  near  the  South  Ferry.  After- 
wards he  took  one  on  the  corner  of  Pine  and  Pearl 
Streets,  which  still  stands.  During  the  war  of  1812 
he  was  largely  engaged  in  the  tea  trade.  He  also 
fitted  out  several  blockade  runners  for  Gibraltar.  An 
eminent  minister  of  this  city  at  that  time  was  a  clerk 
in  Mr.  Astor's  store.  He  relates  the  following  incident. 
A  schooner  was  purchased,  and  was  to  be  loaded  and 
cleared  in  twenty-four  hours.  It  was  a  case  that 
required  despatch.  The  whole  force  of  the  establish- 
ment was  at  work,  Mr.  Astor  among  them.  The  load- 
ing began  on  Saturday  morning.  At  ten  o'clock  at 
night  Mr.  Astor  said  to  the  company,  "  Now,  boys,  all 
knock  off.  Come  early  to-morrow  morning,  and  wTe'll 
finish  up  the  work."  Turning  to  the  clerk,  whom  he 
knew  to  be  a  pious  young  man,  he  said,  u  You  need  not 
come  to-morrow.  I  am  glad  we  have  one  Christian 
among  us.  You  go  to  church,  and  pray  for  us  poor 
sinners  hard  at  work."  He  then  had  vessels  plough- 
ing every  sea.  His  ships,  freighted  with  furs,  sailed  to 
France,  England,  Germany,  Russia  and  China.  He 
knew  intimately  the  various  markets  to  which  he 
traded.  He  gave  directions  in  the  smallest  details 
about  distributing  his  cargoes  and  exchanging  com- 
modities in  foreign  markets,  and  these  instructions  had 
to  be  minutely  obeyed. 


96  TALK  WITH  PHILIP  HONE. 

TALK  WITH  PHILIP  HONE. 

At  an  early  day  Mr.  Astor  began  to  invest  in  real 
estate.  Just  before  he  died,  some  one  asked  him  if  he 
had  not  too  much  real  estate.  He  replied,  "  Could  I 
begin  life  again,  knowing  what  I  now  know,  and  had 
money  to  invest,  I  would  buy  every  foot  of  land  on  the 
Island  of  Manhattan."  From  beating  felts  on  Gold 
Street,  Mr.  Astor  came  up  to  Broadway,  on  the  corner 
of  Yesey.  A  small  brick  mansion,  which  he  built,  was 
filled  with  furs  from  the  cellar  to  the  attic.  His  office 
was  on  the  Yesey  Street  side,  where  either  himself  or 
wife  were  always  found  to  attend  to  customers.  The 
fashionable  residences  of  New  York  were  below  Yesey 
Street.  His  house  was  considered  far  up  town.  On 
the  block  above  Mr.  Hone  built  an  elegant  mansion, 
of  which  he  was  very  proud.  The  Park,  opposite,  was 
surrounded  by  a  mean  wooden  fence.  Against  this,  in 
the  morning,  Mr.  Hone  would  lean,  toy  with  his  watch- 
key,  which  was  attached  to  a  leather  chain,  and  admire 
his  house.  Mr.  Hone  was  one  of  the  rich  men  of  New 
York,  and  was  not  a  little  proud  of  his  wealth.  One 
morning  Mr.  Astor  went  over  to  where  Mr.  Hone  was 
standing,  and  said  to  him,  u  Mr.  Hone,  you  are  a  suc- 
cessful merchant  and  a  good  citizen.  You  have  a  fine 
wife  and  some  nice  children.  You  have  a  snug  little 
property,  and  are  building  a  comfortable  house.  I 
don't  see  why  you  are  not  just  as  well  off  as  if  you 
were  rich."  It  was  not  an  easy  matter  to  purchase  the 
square  on  which  the  Astor  House  now  stands.  But  it 
was  accomplished.  The  English  style  of  the  Astor 
House   has    always    attracted    attention. 


ASTOR'S  CHARITIES.  97 

ASTOR'S  CHARITIES. 

For  vagrants,  street  begging,  and  miscellaneous  calls, 
Mr.  Astor  had  no  ear.  His  gifts,  however,  were  munif- 
icent, and  constant.  He  sent  William  to  Europe  to 
perfect  himself  in  travel.  He  gave  him  permission  to 
spend  just  as  much  money  as  he  chose.  He  was  absent 
a  year.  To  a  personal  friend  he  expressed  surprise  that 
William  should  have  spent  so  little.  "He  spent  only 
ten  thousand  dollars,"  said  the  old  man.  "I  thought 
he  would  certainly  spend  fifty  thousand  dollars." 

Attached  to  his  house  on  Broadway,  above  Prince, 
was  a  narrow  alley  leading  to  his  kitchen.  This 
kitchen  was  as  large  as  that  of  a  hotel.  A  supply  of 
beef  and  bread  was  always  kept  on  hand  for  the  poor. 
Families  known  to  be  needy,  who  were  cleanly  in  per- 
son, orderly  in  their  behavior,  who  came  and  went, 
quietly,  were  daily  supplied  with  food.  He  kept  a 
regular  account  of  the  disbursements  in  this  matter,  as 
much  as  if  he  were  keeping  a  hotel. 

For  any  service  rendered  he  paid  a  liberal  compensa- 
tion. To  his  agent,  Mr.  Smith,  who  had  the  full  charge 
of  all  his  real  estate,  he  paid  a  salary  of  five  thousand 
dollars,  and  gave  him  the  use  of  an  elegant  house  on 
Fourteenth  Street,  well  furnished,  and  contracted  to 
pay  this  sum  during  Mr.  Smith's  natural  life. 

His  munificent  gift  of  three  hundred  and  fifty  thou- 
sand dollars  to  found  a  Free  Library  for  the  City  of  New 
York  is  well  known.  The  founding  of  that  library  was 
one  of  those  incidental  things  that  occasionally  turn  up. 
A  member  of  the  bar  called  on  Mr.  Astor,  to  see  if  he 
would  subscribe  towards  a  Free  City  Library.  A  plan  to 
7 


98  AARON  BURR'S  LEASES. 

establish  such  an  institution  had  already  been  mapped 
out.  He  took  time  to  consider  the  proposal,  and  an- 
nounced his  determination  to  found  the  library  himself. 
He  chose  the  site  to  benefit  a  friend,  whose  property 
would  be  enhanced  in  value  by  that  location.  He 
purchased  a  large  amount  of  real  estate  in  the  vicinity 
of  the  library,  on  part  of  which  he  built  an  elegant 
residence  for  his  son  William,  and  left  the  remainder 
to  enlarge  the  library,  which  has  been  done. 

,  AARON  BURR'S  LEASES. 

In  the  closing  part  of  the  last  century,  Trinity  Church 
leased  to  one  Mr.  Morley  two  hundred  and  forty  lots 
of  land,  in  the  location  now  known  as  the  vicinity  of 
Spring  Street  and  Varick.  Mr.  Morley,  failing  to  keep 
the  conditions  of  the  lease,  it  reverted  to  Trinity. 
Aaron  Burr  was  then  a  member  of  the  legislature.  He 
was  appointed  chairman  of  a  committee  whose  business 
it  was  to  examine  into  the  affairs  of  Trinity  Church. 
That  corporation  can  legally  receive  an  income  from 
its  property  of  twelve  thousand  dollars.  Holding  a 
property  valued  by  no  one  at  less  than  fifty  millions, 
and  exceeding  probably  a  hundred  millions  of  dollars, 
it  is  difficult  to  conceive  how  the  vestry  can  keep  their 
income  down  to  the  legal  mark.  No  investigation  was 
made  by  Mr.  Burr's  committee,  but  Burr  came  into 
possession  of  the  Morley  lease.  On  it  he  obtained 
thirty-eight  thousand  dollars  from  the  Manhattan 
Bank.  The  murder  of  Hamilton  so  incensed  the  peo- 
ple, that  Burr  had  to  flee  from  the  country.  He  sold 
his  lease  to  Mr.  Astor,  subject  to  the  Manhattan  Bank 
mortgage.     He  received  from  Mr.  Astor  about  thirty-' 


WILLIAM  B.  ASTOR.  90 

two  thousand  dollars.  Mr.  Astor  immediately  re-lea-  I 
the  property  in  lots.  The  Morley  lease  was  to  run 
until  18G7.  Persons  who  took  the  Astor  leases  sup- 
posed that  they  took  them  for  the  full  term  of  the 
Trinity  lease.  Mr.  Astor  was  too  far-sighted  and  too 
shrewd  for  that.  Every  lease  he  gave  expired  in  1864, 
leaving  him  the  reversion  for  three  years,  putting  him 
in  possession  of  all  the  buildings  and  improvements 
made  on  the  lots,  and  giving  him  the  right  of  renewal. 
When  the  fact  was  discovered,  the  lessees  tried  to  buy 
from  Mr.  Astor  the  three  years*  reversion.  He  was, 
offered  as  high  as  a  thousand  dollars  a  lot.  He  refused 
all  offers  except  in  one  case,  which  I  shall  notice  in 
another  place.  Returning  from  his  exile,  Burr  at- 
tempted to  regain  possession  of  the  property  that  he 
had  sold  to  Mr.  Astor.  The  attempt  was  futile.  The 
legal  instruments  that  secured  the  property  were  too 
carefully  drawn,  and  Burr  abandoned  the  contest,  and 
died  in  poverty.  This  prop&rty  was  a  great  source  of 
wealth  to  Mr.  Astor. 

WILLIAM  B.  ASTOR. 

A  man  who  controls  fifty  millions  at  the  lowest  esti- 
mate, is  worth  looking  at.  He  is  a  man  of  the  old 
school  in  all  his  tastes  and  habits. 

Mr.  Astor  is  the  son  of  John  Jacob  Astor.  To  him 
the  fame  and  fortune  of  his  father  have  been  intrusted. 
He  is  about  seventy  years  of  age.  He  is  a  tall,  heavy- 
built  man,  with  a  decided  German  look,  a  countenance 
blank,  eyes  small  and  contracted,  a  look  sluggish  and 
unimpassioned,  unimpressible  in  his  feelings,  taciturn 
and  unsocial.     He  has  his  father's  ability  for  acquiring 


100  MR.  ASTOR  AT  WORK. 

property.  His  habits  are  very  simple,  and  mode  of 
life  uniform.  He  rises  early,  and  does  his  private 
correspondence  before  breakfast,  which  meal  he  takes 
at  nine  o'clock.  He  lives  in  Lafayette  Place,  and 
usually  walks  down  to  his  office  in  the  morning.  There 
is  nothing  about  him  to  attract  attention.  He  would 
not  be  distinguished  from  the  crowd  anywhere.  In 
church  he  might  be  taken  for  a  college  professor ;  on 
'change,  for  a  merchant  who  had  very  little  interest  in 
what  was  going  on.  He  belongs  to  a  race  of  mer- 
chants, fast  dying  out  in  the  city,  who  attend  to  their 
own  business. 

MR.  ASTOR  AT  WORK. 

On  Prince  Street,  just  out  of  Broadway,  is  a  plain, 
one-story  building,  looking  not  unlike  a  country  bank. 
The  windows  are  guarded  by  heavy  iron  bars.  Here 
Mr.  Astor  controls  his  immense  estate.  In  1846,  Mr. 
Astor  was  reputed  to  be  worth  five  millions.  His  uncle 
Henry,  a  celebrated  butcher  in  the  Bowery,  left  him 
his  accumulated  wealth,  reaching  half  a  million.  By 
fortunate  investments,  and  donations  from  his  father, 
he  is  now  supposed  to  be  worth  forty  millions.  His 
property  is  mostly  in  real  estate,  and  in  valuable  leases 
of  property  belonging  to  Trinity  Church.  At  ten 
o'clock  every  morning  Mr.  Astor  enters  his  office.  It 
consists  of  two  rooms.  The  first  is  occupied  by  his 
clerks.  His  sons  have  a  desk  on  either  side  of  the 
room.  In  the  rear  room,  separated  from  the  front  by 
folding  doors,  is  Mr.  Astor's  office.  It  is  plainly  and 
scantily  furnished,  but  it  is  open  to  everybody.  On 
entering  the  outer  office,  Mr.  Astor  is  plainly  in  sight, 


MR  A  ST  OR  AT  WORK.  1 

sitting  at  his  table.  His  room  is  guarded  by  no  porter; 
no  introduction  is  necessary.  You  see  before  you  a 
heavy -moulded,  large  man,  who  puts  on  no  airs,  asks  no 
questions,  says  nothing  till  your  business  is  announced. 
He  hears  what  you  have  to  say,  and  in  the  fewest  pos- 
sible words  gives  you  an  answer.  To  annoy  him  with 
a  long  talk  is  simply  impossible.  He  is  curt  and 
decided,  and  is  as  chary  of  his  words  as  he  is  of  his  dol- 
lars. He  knows  every  inch  of  real  estate  that  stands 
in  his  name,  every  bond,  contract,  and  lease.  He 
knows  what  is  due  when  leases  expire,  and  attends 
personally  to  all  this  matter.  No  tenant  can  expend  a 
dollar,  or  put  in  a  pane  of  glass,  without  his  personal 
inspection.  His  father  sold  him  the  Astor  House  for 
the  sum  of  one  dollar.  The  lessees  are  not  allowed  to 
spend  one  cent  on  that  building  without  his  supervision 
and  consent,  unless  they  pay  for  it  themselves.  In  the 
upper  part  of  New  York  hundreds  of  lots  can  be  seen 
enclosed  by  dilapidated  fences,  disfigured  by  rocks  and 
waste  material,  or  occupied  as  gardens ;  mostly  corner 
lots.  These  are  eligibly  located,  many  of  them  sur- 
rounded by  a  fashionable  population.  They  give  an 
untidy  and  bankrupt  appearance  to  the  upper  part  of 
the  city.  Mr.  Astor  owns  most  of  these  corner  lots.  He 
will  sell  the  centre  lots,  but  keeps  the  corners  for  a 
rise.  He  will  neither  sell  nor  improve  them.  Fre- 
quently men  call,  and  announce  some  great  improve- 
ment in  the  vicinity  of  his  up-town  property.  They 
are  about  to  build  a  church,  or  put  up  some  public 
institution,  and  ask  of  him  a  subscription.  He  usually 
gives  nothing.  He  knows  that  no  parties  can  improve 
the  centre  of  the  block  without  benefiting  the  corners. 


102  HIS  PUBLIC  SPIRIT. 

He  knows  that  the  improvements  will  go  on  whether 
he  gives  or  not.  He  leaves  the  giving  to  others,  while 
he  enjoys  the  profit. 

HIS  PUBLIC  SPIRIT. 

He  is  very  unlike  his  father.  He  has  none  of  the 
genial,  hearty,  and  contagious  vivacity  that  marked 
the  elder  Mr.  Astor.  He  has  none  of  that  love  of  trade 
and  enterprise  of  his  father.  He  sits  in  his  office,  which 
has  the  general  air  of  a  house  of  detention,  day  after 
day.  His  business  is  with  investments.  He  makes 
them  wisely,  and  quietly  waits  for  the  advance.  He  is 
sombre  and  solitary,  dwells  alone,  and  mixes  little  with 
general  society.  He  is  liberal  on  special  occasions; 
gives  little  to  general  charity,  abhors  beggars,  and  is  a 
man  with  whom  solicitors  do  not  care  to  waste  words. 
Politicians  cannot  bleed  him.  He  has  answered  his 
father's  wishes  by  additions  to  the  Astor  Library,  and 
has  never  bound  himself  up  with  the  educational  or 
benevolent  enterprises  of  the  day.  Business  hours 
over,  he  locks  his  desk,  and  turns  from  his  office  into 
Broadway.  He  seldom  rides.  At  a  given  hour,  each 
afternoon,  he  can  be  seen  joining  the  up-town  throng 
on  the  pavement,  walking  towards  his  home. 

He  lives  in  princely  style  in  a  mansion  built  for  him 
by  his  father,  adjoining  the  Astor  Library.  He  is  very 
frugal  in  his  living,  rarely  touching  a  glass  of  wine. 
During  the  season  he  gives  dinners  frequently  to  his 
friends,  than  which  none  are  more  elegant  in  the  city. 
His  gold  plate,  servants  in  livery,  the  delicacies  of  the 
season,  make  the  Astor  dinners  a  speciality  in  New 
York.     Mrs.  Astor  was  the  daughter  of  General  Arm- 


HIS  PUBLIC  SPIRIT.  L03 

strong,  Mr.  Madison's  Secretary  of  War.     She  is  one 

of  the   most  accomplished  and  benevolent  ladies  in 
the  city. 

The  Astors  in  their  style  of  business  conform  to  the 
honorable  rules  of  the  street.  They  buy  and  hold, 
always  accumulating,  never  selling.  In  the  upper 
part  of  New  York  they  keep  in  advance  of  specula- 
tion. Xo  speculator  goes  up  so  high  for  an  invest- 
ment, but  what  he  finds  the  Astors  in  advance.  Choice 
blocks  of  ground,  eligible  lots,  are  controlled  by  this 
wonderful  family.  If  boulevards  do  not  exist,  the 
Astors  know  how  to  have  them  created.  Their  prop- 
erty is  always  on  the  line  of  the  great  thoroughfares. 
In  the  upper  part  of  the  city  can  be  seen,  in  fashiona- 
ble localities,  large  tracts  of  unoccupied  land.  Goats 
graze  on  them,  or  at  best,  market  sauce  is  raised, 
fences  are  clown  or  dilapidated.  These  lands  belong 
to  the  Astors, — they  are  held  for  a  rise.  The  scrag- 
gling  look  of  upper  Xew  York  is  owing  to  the  same 
cause.  A  house  here  and  there, — a  small  row  of 
houses  in  the  center  of  a  street, — while  corner  lots  are 
vacant  every  where.  If  the  Astors  sell,  they  sell  in 
the  middle  of  the  block.  Every  course  of  brick  laid 
enhances  the  value  of  the  corners.  Tell  Mr.  Astor 
that  you  are  going  to  build  a  church  in  upper  Xew 
York,  a  college,  or  a  public  institution,  that  such  im- 
provements will  add  to  the  value  of  his  property,  as 
he  is  a  large  owner  in  the  vicinity,  and  ask  him  to  give 
something  because  his  property  will  be  improved ; 
and  the  sharp  twinkle  of  his  eye,  the  only  sign  of  ani- 
mation you  will  perceive  in  his  stolid  face,  will  inform 
you  that  the  value  of  his  property  will  increase  if  he 
does  not  give. 


TI. 
JAMES  FISK,  Jr. 

THE  ARCHITECT  OF  HIS  OWN  FORTUNE. — SETS  UP  FOR  HIMSELF. — MR.  FISK 
AS  A  BUSINESS  MAN. — THE  OPERA  HOUSE. — THE  SEPTEMBER  PANIC. — RUN 
ON   THE    TENTH   NATIONAL   BANK. 

Not  more  than  once  in  half  a  century  does  a  man 
appear  upon  the  surface  with  the  characteristics  that 
mark  Mr.  Fisk.  He  has  no  compeer  to-day  in  his  gi- 
gantic schemes,  his  bold,  multitudinous  and  successful 
operations,  in  the  executive  ability,  and  the  success 
that  thus  far  have  attended  his  movements.  He  is  in- 
fluential in  Wall  Street,  and  is  more  feared  and  courted 
than  any  other.  Yanderbilt  alone  surpasses  him  in 
railroad  movements.  Some  of  his  financial  specula- 
tions have  astounded  the  age  and  shaken  the  continent 
like  an  earthquake.  He  has  recently  come  to  the  sur- 
face, and  men  are  asking  where  he  came  from,  and 
where  he  will  end;  for,  like  Alexander,  his  ambition 
seems  to  be  unbounded. 

THE  ARCHITECT  OF  HIS  OWN  FORTUNE. 

Like  most  men  of  mark  in  Wall  Street  Mr.  Fisk's 
beginnings  were  small.  They  were  quite  as  honorable 
as  were  those  in  trade,  in  speculation,  and  in  the  pro- 

104 


THE  ARCHITECT  OF  HIS  OWN  FORTUNE.  105 

fessions  who   speak  of  Mr.  Pisk  as  a  peddler.     The 
same  charge  was  brought  against  John  Jacob  Astor. 

He  certainly  was  a  trader  in  a  very  small  way  when 
he  laid  the  foundation  of  his  gigantic  fortune.  Vander- 
bilt  has  not  been  taunted  as  a  poor  boy  trying  to  earn 
an  honest  living  by  sculling  passengers  from  Staten 
Island  to  Xew  York.  The  perpetuation  of  those  days 
in  the  bronze  testimonial  that  surmounts  the  Mammoth 
Depot  at  St.  John's  Park,  shows  that  the  Commodore 
is  rather  proud  of  his  exploits.  One  of  the  most  suc- 
cessful Presidents  of  a  New  York  bank  came  to  the 
city  as  a  pour  lad,  went  into  a  store  and  asked,  "Do 
you  want  a  boy  in  your  store,  sir?"  The  merchant 
was  rather  struck  with  the  lad,  and  said:  "What  can 
you  do?"  "I  can  do  anything,  sir,  that  an  honest  boy 
ought  to  do."  "  Take  these  boots  down  stairs  and  black 
them,  then,"  said  the  merchant.  He  soon  returned 
with  the  boots  polished.  The  merchant  was  gratified 
with  the  promptness  of  the  boy  and  said  :  "You  have 
done  that  job  very  well."  "Yes  sir,"  was  the  response, 
"my  mother  told  me  to  do  everything  that  I  did  well." 
Both  the  merchant  and  the  then  poor  lad  are  residing 
in  New  York.  Webster  boasted  that  the  first  money 
he  ever  had  he  earned  by  working  on  a  farm,  and  in- 
vested it  in  a  cotton  pocket  handkerchief,  on  which 
was  printed  the  Constitution  of  the  United  States. 
There  was  too  much  poverty  in  his  father's  household 
to  indulge  him  in  the  luxury  of  a  candle.  By  the 
light  of  a  pine-knot,  which  blazed  on  the  hearth,  he 
committed  that  immortal  instrument  to  memory.  Mr. 
Fisk  shares  the  honor  in  common  with  many  eminent 
men  in  this  country  by  working  his  way  through  great 


10  G  SETS  UP  FOR  HIMSELF. 

difficulties  by  tact,  industry,  and  indomitable  perse- 
verance, to  the  place  he  holds  among  the  financiers  of 
the  day. 

SETS  UP  FOR  HIMSELF. 

Mr.  Fisk  is  now  thirty-five  years  of  age.  He  was 
born  in  a  small  town  in  Vermont,  near  Brattleboro. 
His  attention  was  early  called  to  the  want  of  taste  dis- 
played by  country  dealers  in  the  selection  of  their 
goods.  It  occurred  to  him  that  a  large  business  might 
be  created  by  selecting  with  taste  and  judgment  goods 
that  were  salable  outside  the  great  marts  of  trade.  Be- 
ginning in  a  small  way,  his  business  grew  on  his  hands. 
He  met  the  exigency  in  the  same  style  that  he  runs 
the  Erie  road,  and  handles  millions  at  the  Stock  Board. 
He  secured  himself  a  wagon  of  great  beauty,  and  at- 
tached to  it  four  horses,  that  for  spirit  and  equipage 
could  not  be  excelled.  With  this  team,  loaded  with 
goods,  he  traveled  from  point  to  point,  creating  great 
excitement  wherever  he  went.  His  goods  were  se- 
lected with  such  taste  and  judgment,  he  was  so  square 
in  his  dealings,  reasonable  in  his  trade,  and  so  ener- 
getic and  enthusiastic,  that  his  own  sanguine  expecta- 
tions were  more  than  realized.  He  was  prompt  in  his 
engagements  and  payments,  and  showed  such  tact  and 
energy  as  to  arrest  the  attention  of  leading  merchants 
in  New  York  and  Boston.  He  was  offered  the  posi- 
tion of  salesman  in  the  house  of  Jordon,  Marsh  &  Co., 
in  the  latter  city.  He  entered  upon  his  duties  with 
industry,  and  soon  placed  himself  at  the  head  of  the 
establishment  as  the  best  salesman  in  or  out  of  the 
store.  It  was  but  a  short  time  before  he  was  admitted 
to  a  partnership.     His  executive  ability  and  far-sight- 


MR  FISK  AS  A  BUSINESS  2fAN.  107 

edness  found  here  a  fitting  field  fur  their  operation. 
On  the  breaking  out  of  the  war  he  secured  several 
large  government  contracts,  and  brought  to  his  house 
the  specialty  in  woolen  goods  which  have  given  it  so 
much  celebrity.  He  secured  all  the  mills  that  could 
be  obtained  in  New  England,  and  set  them  running. 
While  others  were  croaking  over  the  condition  of  the 
country  and  expecting  universal  ruin,  Mr.  Fisk  was 
laying  the  foundation  for  an  extensive  business  and  a 
colossal  fortune.  He  purchased  a  patent  in  connection 
with  the  woolen  manufacture  that  has  proved  im- 
mensely valuable.  His  possession  was  contested.  It 
was  thrown  into  court,  and  he  followed  the  case  from 
court  to  court,  and  from  district  to  district,  at  immense 
cost,  and  beat  his  opponents  at  each  point.  In  18G8 
he  became  a  member  of  the  Erie  Board  of  Directors. 
On  the  retirement  of  the  then  President,  Mr.  Jay  Gould 
became  President  of  the  road,  and  Mr.  Fisk  Comptrol- 
ler, which  office  he  still  holds. 

MR.  FISK  AS  A  BUSINESS  MAN. 

Mr.  Fisk  appeared  in  Wall  Street  as  an  assistant  of 
Daniel  Drew.  He  was  noted  for  the  sharp,  decisive, 
energetic  manner  in  which  he  performed  his  work.  To 
transact  Mr.  Drew's  stock  business  would  have  been 
quite  enough  for  an  ordinary  man,  but  Mr.  Fisk  was 
not  satisfied  with  this  labor.  He  made  himself  master 
of  the  Xarragansett  Steamship  Company.  This  com- 
pany had  two  boats  which  cost  three  millions.  After 
losing  a  great  deal  of  money  the  company  failed.  In 
one  year  after  he  took  possession  Mr.  Fisk  changed  the 
entire  aspect  of  things,  made  it  a  paying  line  and  the 


108  MR.  FISK  AS  A  BUSINESS  MAN. 

most  popular  route  in  the  world.  He  could  have  run 
twenty  steamboat  companies  as  well  as  one.  He  has 
a  systematic  mode  of  doing  business.  Under  him 
every  department  has  a  head  which  is  made  responsi- 
ble for  all  that  pertains  to  it.  Every  day  reports  are 
made  of  the  exact  working  of  every  department,  and 
by  having  a  Bureau  of  Management  he  is  able  to  carry 
on  many  gigantic  enterprises  at  the  same  time.  His 
own  work  is  done  up  daily  before  he  leaves  the  office. 
Every  account  is  audited,  every  bill  is  considered,  every 
letter  answered.  The  desk  is  cleared  for  the  next 
day's  work,  if  he  has  to  remain  till  morning. 

He  is  Vice-President  of  the  Erie  Road  as  well  as 
Comptroller.  He  found  the  road  in  the  worst  possible 
condition.  The  stations  were  dilapidated,  the  road- 
bed out  of  repair,  the  rails  broken  and  ruinous.  The 
locomotives  worn  out  were  behind  the  times,  and  in- 
sufficient for  the  work.  The  cars  were  a  reproach,  and 
all  the  equipments  out  of  order.  A  change  was  imme- 
diately introduced.  From  $8,000  to  $1 0,000  were  ex- 
pended on  each  locomotive,  and  there  are  320  of  them 
on  the  road.  Palace  cars  were  introduced,  and  by  the 
purchase  of  the  Atlantic  and  Great  Western  Railway 
passengers  are  carried  from  New  York  to  St.  Louis 
without  change  of  cars.  The  road-bed  was  put  in  com- 
plete repair.  Six  hundred  tons  of  steel  rail  were  laid 
down,  and  connecting  lines  and  feeders  opened  on  all 
the  route.  Docks  were  built,  and  a  new  ferry,  con- 
necting Jersey  City  with  New  York.  Station  houses 
were  erected,  and  the  whole  line  put  in  complete  work- 
ing order.  The  great  ambition  of  Mr.  Fisk  is  to  place 
Erie  stock  at  par  and  have  it  pay  a  dividend.  He  pur- 


PERSONAL  TRAITS.  109 

chased  a  coal  mine,  which  supplies  the  entire  road  with 
coal  at  a  saving  of  a  hundred  per  cent,  A  valuable 
mine  of  bituminous  coal,  which  is  burned  on  the  road, 
yields  500  tons  of  coal  a  day.  Two  rolling-mills  are 
kept  constantly  in  use  rolling  rails  for  the  Erie 
road.  Believing  expresses  to  be  a  monopoly  that  the 
road  should  enjoy,  he  has  inaugurated  thirteen  expr 
companies,  under  the  direction  of  the  road,  which  are 
doing  a  most  successful  business.  He  has  placed  first- 
class  boats,  built  to  run  on  the  Sound,  to  convey  pas- 
sengers to  Long  Branch  during  the  summer.  These 
boats  are  fitted  up  with  all  the  comforts  and  elegance 
of  a  hotel.  Parties  can  be  accommodated  with  rooms 
for  the  day,  and  with  a  restaurant,  comprising  all  the 
luxuries  of  the  season.  A  pavillion,  600  feet  long,  has 
been  erected  at  the  Branch  for  the  temporary  accom- 
modation of  visitors.  He  handles  these  gigantic  and 
varied  enterprises  with  all  the  ease  with  which  he 
drives  his  team  on  Central  Pork. 

PERSONAL  TRAITS. 

There  are  but  few  men  in  the  country  that  possess 
the  executive  ability  that  marks  Mr.  Fisk's  operations. 
He  is  methodical  in  his  business,  but  he  is  far-seeing, 
quick  in  forming  his  conclusions  and  taking  his  posi- 
tion. He  comes  to  his  office  at  9^  in  the  morning 
with  the  promptness  of  a  patrolman  on  his  beat,  He 
takes  off  his  coat  and  is  prepared  for  his  day's  work. 
There  are  sixteen  apartments  in  the  Central  Office, 
and  by  the  side  of  his  chair  are  sixteen  telegraph  wires, 
so  that  he  can  call  any  person  into  his  presence  whom 
he  may  wish  to  see.     Telegraphic  communication  with 


110  PERSONAL  TRAITS. 

every  station  on  the  Erie  Road  is  complete.  Jersey 
City  and  Wall  Street  are  also  connected  with  the  Erie 
Office.  Letters  are  read  the  first  thing  in  the  morning 
and  answers  dictated.  It  is  no  uncommon  thing  for 
Mr.  Fisk  to  dictate  three  letters  at  one  time.  The 
Treasurer  is  then  called  in,  and  by  the  aid  of  the  tele- 
graph the  financial  arrangements  are  made  for  the  day. 
He  requires  all  reports  from  every  employee  of  the 
Road  to  be  made  to  him  in  writing.  If  a  messenger  is 
sent  to  Jersey  City  on  an  unimportant  matter,  he  must 
report  in  writing.  He  examines  and  pays  all  the  bills 
of  the  department.  He  found  a  systematic  course  of 
thieving  on  the  road ;  this  he  broke  up,  and  dismissed 
all  employees  engaged  in  it.  Several  parties  have  re- 
turned to  the  Road  from  $1,000  to  $5,000  fraudulently 
obtained.  Mr.  Fisk  remains  in  his  office  till  five  at 
night.  He  leaves  and  returns  at  seven.  Letters  and 
telegrams  are  placed  before  him  received  at  the  latest 
minute,  which  he  examines.  A  half  an  hour  usually 
suffices.  If  the  business  is  not  done  in  that  time,  he 
remains  until  it  is  completed.  He  carries  a  small 
memorandum  in  his  pocket,  in  which  he  notes  in  the 
morning  the  things  to  be  attended  to.  After  the  desk 
has  been  swept  and  the  business  concluded,  he  exam- 
ines this  memorandum,  lest  something  should  have 
been  forgotten.  His  room  is  guarded  by  ushers.  He 
has  two  or  three  confidential  employees  with  him  con- 
stantly. All  who  seek  his  presence  have  admission  to 
the  ante-room.  Here  a  card  is  sent  in,  with  the  name 
and  business  of  the  caller.  If  it  is  a  general  matter 
he  does  not  see  the  visitor,  but  sends  him  to  the  spe- 
cial Department  where  the  business  belongs.     If  the 


PERSONAL  TRAITS.  Ill 

visitor  wishes  an  interview,  one  of  his  private  clerks 
ascertains  the  nature  of  the  business.  These  interview- 
generally  are  very  short  when  parties  are  admitted. 
The  rushing  tide  of  business,  clerks  coining  in  from 
every  direction,  inquiries  made,  orders  given,  answers 
dictated,  calls  on  Mr.  Fisk  from  every  direction,  notify 
the  visitor  to  be  brief.  If  this  does  not  suffice,  Mr. 
Fisk  has  a  way  of  gathering  up  his  papers  and  calling 
the  attention  of  employees  to  unfinished  matters.  He 
is  very  popular  with  all  who  approach  him.  There  is 
an  enthusiasm  about  him  that  is  sympathetic.  A  man 
of  few  words,  he  is  courteous  and  affable,  and  would 
receive  the  captain  of  a  coal-barge  with  as  much 
kindness  as  he  would  the  president  of  a  bank.  He  is 
very  witty,  and  has  fine  spirits,  and  when  he  has  over- 
come an  opponent,  his  constant  quotation  is,  "He  has 
gone  where  the  woodbine  twineth."  As  Comptroller, 
he  has  to  audit  all  the  accounts  and  examine  all  the 
items,  before  a  bill  is  paid.  His  memory  is  very  won- 
derful, and  he  will  detect  in  an  instant  any  improper 
charge  or  an  item  once  paid.  He  is  very  social  and 
genial.  But  he  allows  no  familiarity,  even  with  his 
most  intimate  friends,  in  the  business  of  his  office. 
Relatives,  and  his  most  intimate  associates,  must  do  the 
duty  required  of  them,  or  leave. 

The  charities  of  Mr.  Fisk  are  very  large,  for  he  is 
liberal  and  large  hearted.  He  does  not  give  indis- 
criminately. He  heard  of  a  poor  man  in  his  neighbor- 
hood who  had  been  injured,  and  wrhose  family  were 
in  want.  By  the  hands  of  a  clerk  he  sent  a  liberal 
sum,  and  gave  orders  that  a  weekly  allowance  should 
be  paid  till  the  man  was  able  to  resume  his  work.     He 


112  PERSONAL  TRAITS. 

tests  his  employees,  and  is  not  afraid  to  give  them  a 
handsome  gratuity  when  they  evidently  try  to  serve  the 
Company.  He  is  a  very  fast  friend,  and  does  not  forget 
the  companions  of  his  humbler  days.  For  those  who 
try  to  wrong  him,  defraud  him,  or  circumvent  him,  he 
has  no  mercy.  He  is  very  abstemious  in  his  habits. 
When  it  was  known  that  he  had  been  elected  Colonel 
of  the  Ninth  Regiment,  his  enthusiasm  and  liberality 
were  so  conspicuous  that  three  Colonels  of  different 
Regiments  offered  to  resign  in  his  favor  if  he  would 
accept  the  positions  they  held.  He  has  the  talent  of 
surrounding  himself  by  able  men,  and  of  infusing  his 
own  spirit  into  them.  In  the  multitude  of  lawsuits  in 
which  he  has  been  involved  since  his  connection  with 
the  Erie,  he  has  made  himself  in  each  case  master  of 
the  situation.  One  of  the  leading  lawyers  of  the  city 
has  pronounced  Mr.  Fisk  the  ablest  man  of  the  age. 
In  every  instance  where  his  suggestions  have  been 
carried  out,  he  has  been  successful.  Genial,  jovial, 
eminently  social  in  his  tendencies,  he  is  a  martinet  in 
his  office.  He  pays  for  the  best  talent,  and  requires 
to  be  well  served.  In  his  official  relations  to  men  he 
bears  himself  as  Frederick  the  Great  did  to  his  boon 
companions  when  the  death  of  his  father  was  announced 
to  him: — uNo  more  fooling,  I  am  Emperor." 

THE  OPERA  HOUSE. 

The  Erie  road  outgrew  its  down  town  offices.  The 
management  wanted  all  departments  under  one  roof. 
Mr.  Fisk  was  satisfied  that  the  railroad  business  would 
be  carried  on  in  the  upper  part  of  the  city.  Pike's 
opera  house  arrested  his  attention.  Far  up  town  now, 
it  would  soon  be  the  center  of  trade.     Nearly  all  the 


THE  SEP  TEMPER  PAXIC.  1  1 3 

offices  and  clerks  of  the  road  lived  up  town.  The 
telegraph  would  connect  the  managing  office  with 
every  part  of  the  road.  Jersey  City,  and  the  station 
at  Twenty-third  street,  were  brought  near  together  by 
the  new  ferry.  Mr.  Fisk  owns  the  opera  house — he 
bought  it  as  an  investment.  The  Erie  company  are 
his  tenants.  The  great  halls  and  vestibules  were  fitted 
up  in  fine  style  for  offices;  the  plan  was  drawn  by  Mr. 
Fisk,  and  a  more  elegant  suite  of  offices  do  not  c.\ 
in  the  city.  The  whole  business  of  the  road  is  under 
one  roof.  The  offices  are  fitted  up  in  sumptuous  style, 
and  are  in  complete  order.  The  ceilings  are  exquisitely 
painted,  and  comfort  and  elegance  abound.  The  em- 
ployees are  furnished  with  a  dinner  in  the  head  quar- 
ters, and  no  one  leaves  till  the  day's  work  is  complete. 
The  theatre  in  the  opera  house  is  run  by  Mr.  Fisk,  at 
a  profit  of  $1,000  a  night. 

THE  SEPTEMBER  PAXIC. 

In  Wall  street,  Mr.  Fisk's  name  will  ever  be  associ- 
ated with  the  gold  panic  of  the  24th  of  September, 
1869,  which  J  have  described  elsewhere.  If  he  was 
not  the  originator,  he  was  the  boldest  of  the  operators, 
or  conspirators,  as  they  are  called  on  the  street.  The 
history  of  that  dark  day  will  never  probably  be  fairly 
written.  The  Combination,  having  locked  up  green- 
backs, tightened  the  money  market  to  the  very  verge 
of  universal  ruin,  controlling  over  two  hundred  mil- 
lions in  gold,  the  clique  were  ready  for  the  attack. 
Parties  were  sent  to  the  Gold  Room  to  raise  the  price. 
Amid  the  wildest  excitement,  gold  reached  160. 
Three  classes  were  engaged  in  the  work.  One  class, 
8 


114  THE  SEPTEMBER  PANIC. 

regular  brokers,  who  really  believed  th£ir  employers 
would  take  the  gold  and  make  good  their  contracts. 
Some  were  tools,  who  only  did  the  bidding  of  their 
masters.  A  third  class  were  men  without  repute,  with- 
out honor,  without  principle,  without  money.  This 
class  kept  up  the  clamor  of  bidding  160,  when  gold 
was  selling  at  145.  They  said  they  were  doing  the 
will  of  their  masters.  What  portion  of  gold  could  be 
sold  as  it  was  going  down,  the  clique  threw  off  of  their 
hands.  Honest  men  met  their  contracts  and  were 
ruined.  The  principal  actors  in  the  transaction  denied 
that  they  knew  the  buyers,  or  ordered  the  purchases. 
When  the  buyers  were  sought  for,  they  were  not  to 
be  found,  or  they  had  failed.  Men  without  a  dollar 
at  their  back,  bought  millions  on  millions  of  gold  on 
Thursday  and  Friday  during  the  panic.  They  had 
not  money  enough  to  b-uy  a  load  of  coal,  yet  they  had 
ability,  as  the  agents  of  others,  to  cripple  one-half  the 
Board  of  Brokers,  to  stagger  the  Banks,  carry  down 
some  of  the  oldest  and  heaviest  houses,  and  ruin 
hundreds  of  thousands.  Parties  in  this  matter  kept 
their  contracts  when  it  was  to  their  interest  to  do  so, 
and  repudiated  them  when  against  them.  The  whole 
street  reeled.  Few  bankrupts  were  reported,  for 
everybody  was  involved.  Private  settlements  were 
made,  compromises  effected,  and  the  matter  healed  as 
best  it  might  be.  The  brokers,  whose  headquarters 
were  the  centre  of  the  clique,  and  who  were  supposed 
to  be  the  main  agents  of  the  panic,  dictated  their  own 
terms  of  settlement.  Parties  were  glad  to  settle  any- 
how. They  took  what  they  could  get.  A  few  were 
paid  in  full.  Others  received  a  small  percentage,  and 
were  glad  to  get  that. 


R  i  X  ON  THE  TENTH  NA  770  A.  I  L  /J.  1 XK.  1 1 , 


RUN  ON  THE  TENTH  NATIONAL  BANK. 

Mr.  Fisk's  connection  with  this  bank,  and  his  sup- 
posed control  over  its  funds,  led  to  one  of  the  most 
extraordinary  runs  on  the  bank  that  has  been  known 
for  a  quarter  of  a  century.  The  bank  was  known  to 
be  the  favorite  depository  of  leading  speculators.  The 
house  referred  to  above,  as  being  the  centre  of  the 
clique  who  run  up  gold,  had  large  deposits  in  the 
bank.  The  men  charged  with  conspiring  to  produce 
the  panic,  had  become  largely  interested  in  the  stock 
of  the  bank,  and  as  every  one  supposed,  would  con- 
trol its  funds  for  purposes  of  speculation.  Mr;  Dick- 
inson, President  of  the  Bank,  kept  his  place  at  the- 
head  of  the  institution,  to  protect  the  interests  of  de- 
positors and  stock-holders  who  were  not  in  the  ring.. 
The  bank  opened  at  the  usual  time,  ten  o'clock.  AIL 
sorts  of  rumors  were  in  circulation  the  day  and  night 
before,  in  regard  to  the  management,  the  solvency> 
and  the  funds  of  the  bank.  The  doors  were  hardly 
opened  before  the  banking-room  was  crowded.  It 
was  evident  that  the  excited  crowd  was  anxious  to 
draw  money  out  of  the  bank.  Checks  were  certified 
and  were  immediately  presented  for  payment.  The 
building  on  the  outside  was  besieged  by  a  great  crowd 
of  persons  unable  to  get  in.  As  customer  after  cus- 
tomer came  out  with  his  hands  full  of  greenbacks, 
anxious  inquiries  were  made  as  to  the  look  of  things 
inside.  The  loans  of  the  bank  were  on  call  chiefly, 
and  were  immediately  called  in.  Greenbacks  were 
piled  upon  the  counter  like  a  hay-stack.  Every  check 
was  paid  as  presented,  and  no  questions  asked.     At 


116     RUN  ON  TEE  TENTH  NATIONAL  BANK. 

three  o'clock  the  doors  of  the  bank  could  have  been 
lawfully  closed  till  the  next  day.  But  the  bank  held 
on  its  way,  paying  check  after  check,  till  the  last  cus- 
i  tomer  presented  his  voucher  at  half  after  "five.  Mr. 
Dickinson  then  went  to  the  door.  He  looked  on  the 
crowd  numbering  five  hundred  persons, — on  the  side- 
walk, in  the  street,  on  the  railing,  in  the  side-street, 
everywhere.  He  announced  that  the  bank  had  con- 
tinued business  from  three  until  half  after  five,  paying 
every  check  that  was  presented,  and  ready  to  pay 
more.  He  invited  any  of  the  crowd  who  wished  their 
money  to  come  in  and  get  it.  A  few  accepted  the  in- 
vitation. The  great  mass  when  they  found  they  could 
get  their  money,  did  not  want  it,  and  walked  away. 
During  the  panic,  the  bank  paid  70  per  cent,  on  all  its 
indebtedness  in  greenbacks.  The  heroism  and  finan- 
cial skill  of  the  president  and  officers  of  the  bank 
saved  the  city  from  general  disaster.  Had  the  Tenth 
National  yielded,  there  would  have  been  a  run  on 
every  bank  in  the  city  the  next  day,  and  the  conse- 
quences would  have  been  fearful.  The  promptness 
with  which  the  bank  met  all  the  calls  made  upon  it, 
like  the  bugle-call  to  panic-stricken  troops,  recalled 
confidence,  and  restored  quiet  to  the  street. 

During  the  excitement,  one  or  two  incidents  oc- 
curred rather  interesting.  A  stranger  pressed  his  way 
through  the  crowd,  reaching  the  door  of  the  presi- 
dent, and  asked  for  that  officer.  Mr.  Dickinson  an- 
nounced himself  as  the  party  sought  for.  The  stran- 
ger hailed  from  St.  Louis.  He  said  he  had  heard  of 
the  panic,  and  came  down  to  see  it.  As  a  general 
thing,  he  did  not  think  much  of  panics.     He  believed 


run  on  Tin:  tenth  national  bank.  1  17 

they  originated  in  ignorance,  and  bad  seldom  a  good 
foundation.  lie  took  from  his  pocket  a  roll  of  bills 
amounting  to  840,000,  and  offered  them  to  the  bank 
to  meet  the  crisis,  if  the  sum  would  do  any  good.  Mr. 
Dickinson  declined  the  courteous  oiler,  grateful  for  the 
expression  of  confidence. 

When  the  run  was  at  its  height,  a  customer  came  in, 
well-known  to  the  president,  and  nervously  inquired 
how  matters  stood.  "All  square,"  said  the  frank  and 
hearty  president.  "I  have  $40,000  in  your  bank,  all 
the  money  I  own  in  the  world.  I  drew  a  check  this 
morning  intending  to  draw  it  out.  I  know  you  are  in 
trouble,  and  I  do  not  want  to  increase  it,  If  you  say 
it  is  all  right,  I  will  let  the  money  stay,  for  I  have 
great  confidence  in  you."  He  received  the  assurance, 
and  went  his  way.  Later  in  the  day,  he  appeared 
again  at  the  bank,  and  said:  "Mr.  President,  88,000 
of  that  money  on  deposit  is  trust  money;  832,000  is 
mine.  If  you  will  allow  me  to  draw  out  that  trust 
money,  for  I  never  should  forgive  myself,  if  that  were 
lost,  I  will  let  my  own  remain  in  the  bank."  This  was 
done.  The  next  day  he  brought  back  the  $8,000  and 
deposited  it  in  the  bank.  A  large  number  of  others 
who  had  yielded  to  the  panic  wished  to  re-open  ac- 
counts, but  they  were  refused,  the  president  stating 
that  he  did  not  wish  to  go  through  that  excitement  a 
second  time. 

Mr.  Callender,  the  Bank  Examiner,  said  there  was 
not  a  bank  in  the  city  sounder  than  the  Tenth  Nation- 
al, and  scarcely  three  that  could  have  stood  the  sud- 
den run  made  upon  it,  and  come  out  with  such  honor. 


VII. 
COM.  VANDERBILT  ON  THE   STREET. 

VANDERBILT   AND    COLLINS. — THE    HUDSON   RIVER   RAILROAD. — VANDERBILT'S 

REVENGE. — VANDERBILT     IN    HIS    OFFICE. PERSONAL     INCIDENTS, — RAIL- 

[        ROAD    SLAUGHTER. — PERSONAL. VANDERBILT   AND   HIS    HORSES. 

This  remarkable  man  was  born  on  Staten  Island. 
He  started  life  a  penniless  boy,  with  a  strong  arm  and 
resolute  heart.  The  bronze  memorial  of  the  great  sta- 
tion house  in  St.  John's  Park  contains  no  prouder 
souvenier  of  the  Commodore  than  that  portion  which 
represents  him  as  a  resolute  lad,  pushing  his  ferry-boat 
from  the  beach  of  Staten  Island,  rowing  his  passengers 
to  New  York,  and  collecting  his  first  earnings  from  his 
patrons.  He  began  life  poor,  but  with  his  first  freight 
he  adopted  the  cash  principle,  on  which  he  transacts 
his  gigantic  business.  In  his  heaviest  transaction  he 
pays  cash  for  everything.  With  eighty  millions  at  his 
command  he  can  purchase  a  controlling  interest  in  any 
road  or  stock  he  pleases.  He  has  given  his  name  to 
the  great  stocks  of  the  exchange.  If  he  wishes  a  rise 
he  buys  up  all  that  is  offered;  if  he  wishes  to  break 
the  market  he  has  only  to  throw  his  stocks  on  it  and 
the  work  is  done.  He  is  admitted  to  be  a  man  of  sur- 
passing executive  ability,  one  of  the  boldest  and  most 
successful  operators  in  the  country.     He  took  Harlem 

118 


VANDERBILT  AND  COLLINS.  119 

when  it  was  a  stench  in  the  public  nostrils  and  made 
it  a  road  of  value. 

VANDERBILT  AND  COLLINS. 

The  Commodore's  word  is  as  good  as  his  bond  when 
it  is  fairly  given.  He  is  equally  exact  in  fulfilling  his 
threats.  He  thought  himself  wronged  in  the  Schuyler 
frauds — he  took  avow  that  he  would  be  paid  one  hun- 
dred cents  on  the  dollar.  He  pursued  his  purpose  for 
years  with  the  instinct  of  an  Indian.  He  attained  his 
end  at  the  last.  He  built  a  fine  ocean  steamship.  Col- 
lins' line  was  then  in  its  glory.  Collins  was  subsidized, 
haughty  and  imperious.  One  of  the  steamers  of  his 
line  was  disabled.  Vanderbilt  wanted  to  try  his  hand 
at  carrying  the  mails.  He  visited  Collins  and  made 
an  offer  to  put  his  ship,  all  ready,  in  the  place  of  the 
disabled  steamship.  He  would  charge  Collins  nothing 
for  the  use  and  would  take  the  vessel  off  as  soon  as 
Collins1  steamer  was  ready.  The  owner  of  the  line 
was  afraid  if  Mr.  Vanderbilt  got  in  at  all  it  would  be 
difficult  to  get  him  out.  He  treated  the  Commodore 
very  cavalierly,  peremptorily  declined  the  propos  L 
and  turned  to  his  business.  Vanderbilt  looked  at  him 
from  head  to  foot  and  then  told  Collins  that  the  time 
would  come  when  he  would  be  very  glad  to  come  to 
him  and  beg  for  assistance.  With  Vanderbilt,  to  re- 
solve was  to  do.  Personally,  and  through  his  friends, 
he  immediately  assailed  Congress  on  the  subsidy — he 
offered  to  carry  the  mail  without  a  bonus  and  at  a 
cheap  rate.  He  pursued  his  purpose  till  he  drove  the 
Collins  line  from  the  ocean  as  he  said  he  would.  Van- 
derbilt is  now  the  great  king  of  Wall  Street,  and  Col- 
lins is  nowhere. 


120  TEE  HUDSON  RIVER  RAILROAD. 


THE  HUDSON  RIVER  RAILROAD. 

The  attempt  to  make  anything  out  of  the  poor,  for- 
saken, and  miserable  Harlem  Railroad,  excited  laughter 
on  the  street.  The  Hudson  River  Railroad  was  the 
pet  railroad  of  the  board.  It  was  a  genteel  affair,  and 
run  by  the  snobby  financiers  of  the  State.  Mr.  Sloan 
was  President,  and  a  very  aristocratic  president  he  was. 
Vanderbilt  was  not  as  well  known  on  the  street  as  he- 
is  to-day.  His  enterprise  ruled  an  unscrupulous  en- 
ergy, a  daring  steamboat  captain,  blowing  steamboats 
up-onthe  North  River,  and  ruining  lines  on  the  Sound 
by  his  sharp  opposition,  colliding  with  Collins,  and 
threatening  the  New  Haven  road,  were  about  all  the 
street  knew  of  Vanderbilt  or  cared  to  know.  He  ap- 
peared .  before  Mr.  Sloan  in  his  office  at  the  Hudson 
road  station.  Sloan  was  supercilious  and  snubbed  his 
visitor.  Vanderbilt  informed  the  President  that  he 
would  soon  be  his  master.  He  obtained  a  controlling 
interest,  put  himself  at  the  head  of  the  road,  gave  the 
working  oar  to  his  son  as  vice  president;  put  his  two 
sons-in-law  on  the  board ;  made  his  broker  one  of  the 
directors,  and  swept  the  concern  from  New  York  to 
Albany.  To  make  the  work  complete,  he  put  into  his 
tin  box  a  controlling  interest  in  the  roads  tributary  to 
the  Central,  and  then  laid  his  hands  on  that  great  artery 
and  brought  all  the  roads  under  one  depot  at  Albany. 
Nearly  eighty  years  of  age,  he  is  the  sharpest  business 
man  in  the  city.  His  investment  in  the  St.  John's 
Park  for  a  station  brought  two  millions  of  value  to  the 
Hudson  River  Railroad.  On  Forty-Second  Street,  in 
New  York,  he  is  building  a  depot  that  will  cover  acres. 


VANDERBILTS  REVENGE.  1  2  1 

The  Hudson,  the  Harlem,  the  Central,  and  the  great 
lines  of  the  West,  will  be  brought  under  one  roof  by 
means  of  an  under-ground  passage. 

VANDERB I LT ' S  RE VENGE. 

Vanderbilt  has  never  been  "thrown"  since  he  com- 
menced his  stock  speculations.  When  he  first  appeared 
on  the  street,  stock  men  treated  him  with  no  consider- 
ation or  fairness.  Before  he  could  get  a  foot-hold,  he 
had  to  submit  to  galling  indignities.  He  was  obliged 
to  bring  his  stock  into  the  street,  and  have  it  locked 
up  under  the  charge  of  other  parties.  Combinations 
and  conspiracies  were  formed  to  slaughter  him.  In 
every  case  his  gain  was  a  decided  victory,  and  he 
slaughtered  his  enemies.  Those  who  call  him  sharp, 
shrewd,  unscrupulous  in  carrying  his  points,  admit  that 
lie  is  fair,  true  and  reliable,  when  men  treat  him  well, 
and  never  turns  his  back  on  his  friends.  He  has  made 
a  fortune  for  more  persons  than  any  other  man  in 
Wall  Street. 

During  the  war,  a  man  that  had  held  a  subordinate 
position  for  many  years  under  him,  was  called  into  the 
office  one  morning  and  the  Commodore  told  him  that 
one  of  his  steamers  was  ready  for  sea.  She  was  fitted 
up  for  carrying  passengers  between  the  points  at  the 
South  occupied  by  the  army.  Vanderbilt  told  his  em- 
ployee that  he  might  take  that  vessel  and  run  it.  He 
would  charge  him  nothing  but  the  actual  cost.  It  was 
an  opportunity  to  make  a  fortune  which  seldom  occurs. 
The  proposal  staggered  the  man,  and  he  went  home 
to  consult  his  wife.  The  next  morning  he  met  the 
Commodore  and  declined  the  proposal.     He  had  been 


122  VANDERB1LTS  RE VENGE. 

a  clerk  many  years,  and  had  lived  comfortably  on  his 
little  salary,  and  his  wife  did  not  like  the  idea  of  his 
assuming  so  heavy  a  responsibility.  The  Commodore 
looked  at  him,  and  in  the  doric  language  he  is  accus- 
tomed to  use  when  excited  said,   "You're  a fool, 

go  and  sweep  the  front  office." 

It  is  charged  that  Yanderbilt  is  very  arbitrary,  and 
rides  rough-shod  over  small  men ;  that  he  is  imperious, 
autocratic,  and  deranges  the  market  when  he  pleases. 
But  the  street  forget  how  they  treated  Yanderbilt  when 
he  first  came  to  the  surface  as  financier ;  how  they 
snubbed  him ;  how  rudely  they  treated  him,  and  what 
indignities  they  heaped  upon  him,  and  how,  even  at 
this  day,  as  far  as  they  dare,  men  conspire  against  him. 
Dog  will  not  eat  dog  they  say,  but  bull  will  eat  bull, 
and  bear  will  eat  bear,  in  Wall  Street.  Clique  will 
devour  clique,  and  conspirators  will  form  new  combin- 
ations to  destroy  their  associates.      As  an  illustration : 

A  large  house  in  the  street  were  carrying  with  Yan- 
derbilt a  great  quantity  of  stocks.  The  house  attempted 
to  play  a  little  sharp  practice  on  Yanderbilt.  He  in- 
stantly threw  the  whole  of  his  Lake  Shore  property 
on  the  market  which  carried  the  house  down,  creating 
a  failure  disastrous  and  humiliating  in  the  extreme.  A 
man  who  can  ride  down  town  in  the  morning,  visit  a 
dozen  banks  and  say  to  each,  I  shall  want  some  money 
in  a  week  or  two,  how  much  can  I  have? — here  are 
my  securities.  I  will  take  it  now,  I  don't  know  when 
I  shall  want  it,  and  in  this  way  lock  up  ten  or  twenty 
millions,  is  not  to  be  trifled  with  by  ordinary  men. 


VANDERBILT  IN  HIS  office.  123 

VANDERBILT  IN  HIS  OFFICE. 

From  nine  to  eleven  the  Commodore  is  in  his 
np-town  office  ;  at  one,  in  his  down-town  office.  Be- 
tween these  hours  he  visits  the  Harlem  and  Hudson 
River  stations.  He  is  now  nearly  eighty  years  of 
age.  He  is  erect  as  a  warrior.  He  is  tall,  very 
slim,  genteel  in  his  make  up,  with  a  fine  presence, 
hair  white  as  the  driven  snow,  and  comes  up  to 
one's  idea  of  a  fine  merchant  of  the  olden  time.  He 
is  one  of  the  shrewdest  merchants,  prompt  and  de- 
cided. In  one  of  the  down-town  mansions,  where  the 
aristocracy  used  to  reside,  he  has  his  place  of  business. 
He  drives  down  through  Broadway  in  his  buggy  drawn 
by  his  favorite  horse,  celebrated  for  his  white  feet,  one 
of  the  fleetest  in  the  city,  which  no  money  can  buy. 
His  office  consists  of  a  single  room,  quite  large,  well 
furnished,  and  adorned  with  pictures  of  favorite  steam- 
boats, ferry-boats,  and  ocean  steamers.  The  entrance 
to  the  office  is  through  a  narrow  hall-way,  which  is 
made  an  outer  room  for  his  confidential  clerk.  He  sees 
personally  all  who  call,  rising  to  greet  the  comer,  and 
seldom  sits  till  the  business  is  discharged  and  the 
visitor  gone.  But  for  this  he  would  be  overrun  and 
bored  to  death.  His  long  connection  with  steamboats 
and  shipping  brings  to  him  men  from  all  parts  of  tho 
world  who  have  patents,  inventions,  and  improvements, 
and  who  wish  his  indorsement.  If  a  man  has  anything 
to  sell,  he  settles  the  contract  in  a  very  few  words.  The 
visitor  addresses  the  Commodore,  and  says,  "  I  have  a 
stock  of  goods  for  sale  :  what  will  you  give  ?  "  A  half 
dozen   sharp  inquiries  are  made,  and  a  price  named. 


124  PERSONA  L  INCIDENTS. 

The  seller  demurs,  announcing  that  such  a  price  would 
ruin  him.  "  I  don't  want  your  goods.  What  did  you 
come  here  for  if  you  did  not  want  to  sell  ?  If  you  can 
get  more  for  your  goods,  go  and  get  it."  Not  a  mo- 
ment of  time  will  be  wasted,  not  a  cent  more  be  of- 
fered ;  and  if  the  man  leaves  with  the  hope  of  getting  a 
better  price,  and  returns  to  take  the  first  offer,  he  will 
not,  probably,  sell  the  goods  at  all. 

PERSONAL  INCIDENTS. 

Mr.  Vanclerbilt  lives  in  a  down-town  location.  It 
was  once  very  fashionable.  It  is  near  the  New  York 
University;  a  very  large  but  very  plain  brick  mansion ; 
a  good  type  of  the  dwellings  of  the  millionnaires  of  the 
old  school,  before  the  jaunty  freestone  houses,  with  their 
florid  painting  and  gaudy  trimmings,  came  into  vogue. 
Everything  about  it  is  solid,  substantial,  comfortable. 
But  there  is  no  North  River  steamboat  about  the  fitting: 
up.  •  His  stables  are  in  his  yard.  They  are  unrivalled  for 
convenience  and  comfort.  He  has  also  a  small  trotting 
course,  around  which  he  drives  in  rainy  weather,  when 
his  horses  are  exercised  and  their  speed  exhibited.  He 
rises  early,  takes  a  plain  breakfast,  and  then  spends  an 
hour  in  his  stables,  after  which  he  goes  to  his  office. 
What  he  calls  business  consists  in  riding.  Every  after- 
noon he  can  be  seen  at  Central  Park,  and  on  the  road 
where  fast  nags  are  put  to  their  mettle.  His  great 
passion  is  for  horse-flesh.  He  handles  his  own  team, 
and  is  probably  the  best  driver,  except  Bonner,  in  the 
state.  He  had  the  fastest  team  in  the  state  till  Bon- 
ner's Flatbush  Maid  and  her  companion  distanced  all 
competitors.     The  Commodore  has  swept  the  horizon 


RAILROAD  SLAUGHTER  125 

since  then  for  a  fast  team.  He  keeps  a  standing  offer 
of  ten  thousand  dollars  for  one  of  the  required  speed. 
He  would  give  twenty  thousand  dollars  to  own  the 
leading  team  of  the  city.  lie  is  a  most  daring  driver; 
and  to  see  him  on  the  road  with  his  Hying  steeds,  pass- 
ing everything,  distancing  everything,  cool,  erect,  and 
skilful,  one  would  hardly  suppose  he  was  nearly  eighty 
years  of  age.  Not  long  since  he  invited  a  friend  to 
ride  with  him.  He  proposed  to  cross  Harlem  Railroad. 
The  express  train  was  in  sight.  In  spite  of  remon- 
strance, he  gave  the  well-known  word,  and  his  steeds 
started  with  the  fleetness  of  deers.  The  wheels  had 
scarcely  left  the  track  when  whiz  went  the  locomotive 
by  as  on  the  wings  of  the  wind,  lifting  the  hats  of 
Vanderbilt  and  his  friend  by  the  current  which  it 
created.  u  There  is  not  another  man  in  New  York  that 
could  do  that!"  the  Commodore  said.  "And  you  will 
never  do  it  again  with  me  in  your  wagon  !  "  the  friend 
replied. 

RAILROAD  SLAUGHTER. 

Turning  from  steamboats,  Mr.  Vanderbilt  lon<j;  ai^o 
became  interested  in  railroads.  So  great  has  been  his 
success,  that  he  can  control  the  stock  market  when  he 
will.  An  attempt  was  made  some  time  since  to  break 
him  down  by  cornering  the  stock.  He  wanted  to  con- 
solidate the  Harlem  Railroad  with  the  Hudson.  Enough 
of  the  Legislature  was  supposed  to  have  been,  secured 
to  carry  the  measure.  The  parties  who  had  agreed  to 
pass  the  bill  intended  to  play  foul.  Besides  this,  they 
thought  they  would  indulge  in  a  little  railroad  specula- 
tion.    They  sold  Harlem,  to  be  delivered   at  a  future 


126  RAILROAD  SLA  UGETER. 

clay,  right  and  left.  These  men  let  their  friends  into 
the  secret,  and  allowed  them  to  speculate.  Clear  on  to 
Chicago  there  was  hardly  a  railroad  man  who  was  not 
selling  Harlem  short.  The  expected  consolidation  ran 
the  stock  up.  The  failure  of  the  project  would,  of 
course,  run  it  down.  A  few  days  before  the  vote  was 
taken,  some  friends  called  upon  Commodore  Vanderbilt. 
and  gave  him  proof  that  a  conspiracy  existed  to  ruin 
him,  if  possible,  in  this  matter  of  consolidation.  He  took 
all  the  funds  he  could  command,  and,  with  the  aid  of 
his  friends,  bought  all  the  Harlem  stock  that  could  be 
found,  and  locked  it  up  in  his  safe.  True  to  the  report, 
the  bill  was  rejected.  The  men  who  had  pledged 
themselves  for  it  openly  and  unblushingly  voted 
against  it.  They  waited  anxiously  for  the  next  morn- 
ing, when  they  expected  their  fortune  would  be  made 
by  the  fall  of  Harlem.  But  it  did  not  fall.  To  the 
surprise  of  everybody,  the  first  day  it  remained  sta- 
tionary. Then  it  began  to  rise  steadily,  to  the  conster- 
nation and  terror  of  speculators.  There  was  no  stock 
to  be  had  at  any  price.  Men  were  ruined  on  the  right 
hand  and  on  the  left.  Fortunes  were  swept  away,  and 
the  cries  of  the  wounded  were  heard  all  up  and  down 
the  Central  Road.  An  eminent  railroad  man  near 
Albany,  worth  quite  a  pretty  fortune,  who  confidently 
expected  to  make  fifty  thousand  dollars  by  the  opera- 
tion, became  penniless.  One  of  the  sharpest  and  most 
successful  operators  in  New  York  lost  over  two  hun- 
dred thousand  dollars,  which  he  refused  to  pay,  on  the 
ground  of  conspiracy.  His  name  was  immediately 
stricken  from  the  Stock  Board,  which  brought  him  to 
his  senses.     He  subsequently  settled.  .  Thousands  were 


RAILROAD  SLAUGHTER  127 

ruined.  But  Vanderbilt  made  money  enough  out  of 
this  attempt  to  ruin  him,  to  pay  for  all  the  stock  he 
owned  in  the  Harlem  Road. 

When  he  first  got  possession  of  the  Harlem,  there 
was  a  strong  feeling  of  hostility  against  him  manifested 
by  the  Hudson  River  Road.  The  Commodore  was 
snubbed  by  the  aristocracy  that  controlled  the  Hudson. 
It  was  a  great  political  machine,  ruled  by  a  ring.  He 
told  the  managers  to  be  civil,  or  he  would  make  them 
trouble.  The  managers  laughed  at  the  idea.  The  first 
thing  they  knew,  at  one  of  their  annual  meetings,  was, 
that  Samuel  Sloane,  the  old  president,  was  turned  out, 
and  Tobin,  Yanderbilt's  right  hand  man,  put  in  his 
place.  From  that  hour  to  this  Vanderbilt  has  con- 
trolled both  the  Hudson  and  Harlem  Roads.  Tobin 
soon  became  unmindful  of  the  power  that  made  him. 
He  refused  to  obey  the  dictation  of  his  chief,  and,  con- 
fident of  his  position,  set  up  for  himself.  He  was  soon 
removed,  and  Mr.  Yanderbilt's  son,  William  H.,  was 
put  in  his  place. 

PERSONALS. 

For  years  Vanderbilt  and  Drew  moved  together. 
If  money  was  wanted  for  any  operation,  Drew  fur- 
nished one  half,  Vanderbilt  the  other.  Parties  who 
obtained  the  assistance  of  Drew  in  any  operation,  were 
sure  to  get  Vanderbilt, — partly  because  these  heavy 
operators  moved  in  harmony,  partly  to  keep  watch  of 
each  other.  Drew  broke  with  Vanderbilt,  and  tried 
a  little  financiering  of  his  own  to  the  damage  of  the 
Commodore.  Vanderbilt  instantly  went  into  the  street, 
tied  everything  up,   produced  a  panic,   and  made  his 


128  VANDERDILT  AND  HIS  HORSES. 

enemies  suffer  by  hundreds  of  thousands.     Often  he 
has  been  involved  in  terrible  struggles  in  Wall  street, 
from  a  simple  desire  to  serve  his  friends.     When  once 
in  a  battle,  he  never  gives  up.     In  the  great  war  with 
the  Erie  railroad,  he  knew  nothing  and  cared  nothing 
about  the  issue  of  stock,  or  any  other  controversy  that 
was  going  on.     He  had  no  part  in  the  legal  proceedings 
which  were  instituted  against  Mr.  Drew.     He  did  not 
own  a  share  of  stock  in  Erie ;  he   did  not  like   the 
manner  the  road  was  conducted,  and  he  wanted  noth- 
ing to  do  with  it.      u  Should  I  take  my  two  roads — 
Hudson  and  Harlem,"  said  the  Commodore,  "into  the 
street  and  transact  business  as  Erie  is  transacted,  I 
could  ruin  every  small  broker  on  the   street,  create  a 
panic  every  week,  ruin  thousands  financially,  and  de- 
stroy all  confidence   in  railroads  as  an  investment." 
He  found  his  friends  involved,  and  resolved  to  help 
them.    A  man  who  would  be  willing  to  hazard  millions 
to  help  his  friends  from  going  under,  is  not  seen  every 
day.     He  went  to  one  of  the  largest  banks  and  said  to 
the  president  who  was  tightening  the  market,  "Here, 
take  this,"  placing  a  large  sum  of  money  in  his  hands, 
"let  out  your  money,  let  the  boys  have  it." 

VANDERBILT  AND  HIS  HORSES. 

His  flowing  hair,  snow  white ;  the  ample  white  cra- 
vat of  the  olden  time,  plain  black  dress,  erect  air,  a 
clerical  build,  give  Vanderbilt  the  appearance  of  a 
university  professor.  His  voice  is  musical,  and  when 
he  is  not  excited  he  is  very,  taking  in  his  conversation. 
Short,  sharp,  and  emphatic  in  his  utterances,  he  is  well 
informed  in  public  and  commercial  affairs.     To  see  the 


VANDERBILT  AND  HIS  fl  129 

Commodore  well  one  must  gain  his  confidence,  and 

with  him  to  his  stables.  His  love  of  horses  is  so  great 
that  almost  any  one  is  his  friend,  who  has  the  same 
taste.  Morissey  presented  Vanderbilt  with  a  very  fine 
horse.  Vanderbilt  accepted  the  gift,  and  made  the 
prize  lighter  and  gambler  a  millionaire  and  a  member 
of  Congress.  A  clergyman  accustomed  to  ride  on  the 
road  of  a  pleasant  afternoon,  was  a  great  admirer  of 
Vanderbilt^  favorite  horse,  the  Mountain  Maid.  The 
clergyman  was  so  enthusiastic  in  his  praise  of  the  horse 
that  Vanderbilt  presented  the  animal  to  him.  No  one 
estimates  the  horse  at  less  than  ten  thousand  dollars. 
At  Saratoga  the  Commodore  was  au  early  riser — his 
letters  of  business  came  at  night,  and  were  regularly 
opened  the  first  thing  in  the  morning.  Breakfast  fin- 
ished, his  answers  were  given.  A  line  here,  an  order 
there,  a  sentence  in  another  letter,  consumed  about  an 
hour.  He  kept  about  him  confidential  friends — they 
were  all  horse  men,  or  lovers  of  horses.  The  answers 
to  letters  being  dictated,  and  the  work  of  the  morning 
done,  consuming  about  an  hour,  it  was  the  custom  of 
the  Commodore  to  say,  "now  for  business/'  which 
meant  that  the  parties  were  to  adjourn  to  the  stables, 
look  at  the  horses,  perhaps  harness  up  and  take  a  drive. 
His  stable  is  in  the  old  style,  his  horses  are  kept  in 
the  basement,  quite  warm,  but  dark.  He  is  a  hard 
driver,  and  pushes  his  teams  as  he  pushes  his  business. 
He  drives  a  double  team,  and  sometimes  uses  five 
horses  a  day.  His  favorite  horse  Postboy,  with  his 
dainty  white  feet  and  white  face,  which  he  uses  oftener 
and  drives  harder  than  any  horse  he  owns,  has  been  in 
his  possession  ten  years.  He  is  a  small,  fragile  looking 
9 


130  VANDERBILT  AND  HIS  HORSES. 

animal,  and,  as  the  groom  expresses  it,  "would  not  bring 
fifty  dollars  at  Bull's  Head."  He  is  smart  and  fleet  as 
when  first  purchased.  Few  men  outdrive  the  Commo- 
dore, except  Bonner.  Horsemen  say  that  on  the  road 
Yanderbilt  is  churlish  and  illiberal.  The  story  of  his 
putting  up  ten  thousand  dollars  or  twenty,  for  a  horse 
that  would  beat  Bonner's,  is  pronounced  chaff.  The 
Commodore  has  fast  horses  offered,  to  him  every  day, 
but  he  will  not  pay  the  price  demanded.  It  is  not  the 
wealthy,  men,  except  in  the  case  of  Bonner,  who  buy 
the  highest  priced  horses.  The  road,  as  it  is  called, 
on  which  the  fast  teams  are  driven,  is  in  a  wretched 
condition.  An  attempt  was  made  to  repair  it,  but 
Yanderbilt  would  subscribe  nothing,  and  the  thing  fell 
through.  Yanderbilt  owns  but  little  real  estate.  His 
fortune,  which  at  the  lowest  is  put  at  eighty  millions, 
and  may  be  as  high  as  a  hundred,  is  in  a  compact  form, 
the  greater'  part  of  which  could  readily  be  turned  into 
cash.  His  estate  is  settled,  his  property  divided  among 
his  children  by  his  own  allotment,  and  should  he  die 
to-morrow,  the  distribution  and  settlement  of  his  great 
estate  would  be  accomplished  at  once.  He  is  as  hale, 
hearty,  and  vigorous  to-day,  as  when  he  landed  his  first 
boat  load  of  passengers  at  the  Battery. 


VIII. 
DANIEL   DREW. 

Early  Career.  —  Seeks  His  Fortune.  —  Mr.  Drew  in  New  York. — 
Mr.  Drew  ox  the  Hudson.  —  Operates  on  Railroads.  —  Operator 
in  the  Street. 

About  the  hour  of  eleven  on  any  pleasant  day  an 
elderly  man  can  be  seen  moving  down  Wall  Street, 
on  a  visit  to  his  brokers.  He  is  of  medium  height, 
with  a  dark,  mahogany-colored,  unimpassioned  face, 
heavy-shouldered,  but  declining  towards  the  feet  like 
the  letter  Y,  stooping  shoulders,  dressed  in  an  ordi- 
nary suit —  a  cross  between  a  cartman  and  a  small 
trader.  This  person  would  not  be  taken  for  a  man 
having  an  especial  interest  in  the  fiercfe  conflicts  that 
at  times  rage  in  the  street.  If  you  catch  his  eye,  you 
will  observe  a  sharp,  bright  glance  in  it,  with  a  look 
penetrating  and  intelligent.  That  man  is  Daniel 
Drew.  He  would  pass  anywhere  without  observation 
as  a  very  ordinary  person.  He  must  love  the  excite- 
ment of  the  street.  He  is  an  old  man — over  seventy  ; 
he  has  been  battling  with  the  bulls  and  bears  during 
the  lifetime  of  one  generation.  Years  ago  he  was 
a  rich  man  —  he  has  one  of  the  finest  houses  in  upper 
New  York.  He  could  give  away  half  a  million  of 
money  to  a  benevolent  cause  at  a  time  and  not  feel  it. 

(131) 


132  DANIEL  DREW. 

He  could  draw  his  check  for  a  million  and  have  a  fine 
margin  left  in  the  bank.  At  a  time  when  most  men 
would  seek  repose,  and  withdraw  from  the  turmoil 
and  fluctuations  of  the  stock  market,  he  has  thrown 
himself  into  the  fiercest  of  the  strife,  and  is  still  bat- 
tling with  all  the  energy  of  youth.  He  is  a  devout 
member  of  the  Methodist  Church,  and  a  member  of 
the  Stock  Board.  He  is  a  class  leader,  and  exhorts 
and  prays  in  meeting ;  and  yet,  in  the  street;  where 
the  strife  is  the  hottest  and  the  affray  the  deadliest, 
there  is  he.  He  has  been  driven,  by  fierce  law  suits, 
growing  out  of  stock  operations,  from  his  home  and 
out  of  the  State.  Within  two  years  he  has  more  than 
once  imperiled  his  whole  fortune.  His  losses  have 
been  immense,  and  half  a  million  have  been  paid  as  a 
compromise.  Yet  he  seems  as  little  disposed  to  retire 
as  when  he  commenced  the  conflict.  He  has  no  office, 
but  the  leading  broker  who  sells  for  him  to-day  enjoys 
his  company.  In  the  Erie  war,  when  chased  by  sher- 
iffs and  haunted  by  injunctions,  he  hid  himself  in  a 
loft  in  Nassau  Street,  and  was  guarded  by  a  few 
friends  who  were  financially  bound  to  him.  Out  of 
his  own  home  and  immediate  domestic  circle,  he 
makes  no  friends.  The  hooks  that  bind  him  to  busi- 
ness associates  are  not  of  steel.  A  bull  to-day  in 
stocks  and  a  bear  to-morrow,  friends  of  to-day  desert 
him  as  his  tactics  turn.  He  lives  mostly  alone,  and 
should  he  pass  away,  he  would  be  hardly  missed.  He 
has  none  of  the  social,  frank,  manly,  electric  influence 
that  draws  around  Vanderbilt  such  a  host  of  devoted 
friends. 


EARLY  CAREER.  133 


EARLY    CAREER. 


This  remarkable  man  was  born  in  Carmel,  Putnam 
County,  New  York.  He  is  seventy  years  of  age.  He 
is  one  of  the  most  astute,  shrewd,  and  successful  capi- 
talists in  the  city.  In  person  he  is  tall  and  slender,  his 
hair  is  black,  his  complexion  very  dark.  He  is  tough 
and  agile,  and  would  pass  easily  for  forty-five.  He  is 
reputed  to  be  worth  twenty  millions.  For  several 
years  he  has  seldom  made  less  than  half  a  million  a 
year.  His  gifts  are  very  large.  He  seldom  gives  away 
less  than  one  hundred  thousand  dollars  a  year  in  pri- 
vate charities,  besides  the  large  gifts  which  mark  his 
munificence.  He  selects  his  own  charities,  and  vagrant 
solicitors  have  not  a  very  high  opinion  of  his  liberality. 
At  a  meeting  of  the  trustees  of  his  church,  not  long 
since,  the  question  came  up  about  finishing  a  mission 
chapel.  One  of  the  trustees  said, "  We  expect  a  gener- 
ous sum  from  brother  Drew."  Turning  to  him  he  said, 
a  Brother  Drew,  I  put  it  to  your  conscience.  Don't 
you  see  your  way  clear  to  give  us  ten  thousand  dol- 
lars?" To  which  Mr.  Drew  replied,  "No,  I  do  not;" 
which  ended  the  matter.  Mr.  Drew  is  a  devout  mem- 
ber of  the  Methodist  Church.  He  attends  promptly 
and  punctually  to  all  the  duties  belonging  to  his  pro- 
fession. He  is  a  member  of  a  class,  and  visits  the  class- 
meetings  regularly.  He  is  present  at  the  devotional 
meetings  of  the  church,  and  speaks  and  prays  with 
great  acceptance.  As  a  Christian  man  he  is  humble, 
cheerful,  and  of  good  report.  He  is  very  reticent  on 
ordinary  occasions,  but  genial  and  intelligent  when  one 


134  SEEKS  HIS  FORTUNE. 

wins  or  enjoys  his  confidence.  He  has  two  children,  a 
son  and  daughter.  The  son  is  well  provided  for  on  a 
farm.  The  daughter,  the  wTife  of  a  Baptist  clergyman, 
is  an  heiress  in  her  own  right. 

SEEKS    HIS    FORTUNE. 

He  passed  his  early  years  on  a  farm.  In  a  small 
school-house  he  obtained  the  rudiments  of  his  educa- 
tion. His  father  died  when  Daniel  was  fifteen  years 
of  a^e.  He  then  came  to  New  York  to  seek  his  fortune 
during  our  war  with  England.  From  a  North  River 
sloop  he  landed  on  the  spot  where  Washington  Market 
now  stands.  Resolved  to  do  something,  and  finding 
nothing  better  to  do,  he  hired  himself  out  as  a  substi- 
tute in  the  place  of  another,  and  became  a  soldier. 
Next  we  find  him  on  the  saddle,  driving  cattle  to  mar- 
ket from  his  rural  home.  It  took  two  weeks  then  to 
make  the  trip.  While  engaged  in  this  business  a  storm 
came  on.  He  found  shelter  in  a  gig  that  stood  under 
a  tree.  A  bolt  of  lightning  stunned  him  and  his  com- 
panion, killed  the  horse,  and  gave  them  a  narrow 
escape.  Careful,  persistent,  indomitable,  with  good 
habits,  with  a  shrewdness  of  no  ordinary  kind,  with  a 
zeal  and  energy  glowing  like  a  volcano  beneath  a  quiet 
exterior,  he  early  laid  the  foundation  of  a  fortune. 

MR.   DREW   IN   NEW    YORK. 

In  1829  Mr.  Drew  removed  to  this  city.  He  estab- 
lished his  headquarters  at  Bull's  Head  in  the  Bowery, 
and  made  it  the  Drovers'  Exchange.  New  York  was 
too  limited  for  his  business  capacity.  He  stretched  the 
trade  into  Pennsylvania,  and  then  into  the  far  West, 


OPERATES  OX  RAILROADS.  135 

Droves  of  over  two  thousand  head  of  cattle  crossed  the 
Alleu'lianies  under  his  direction.  In  1834  he  began  his 
steamboat  enterprise.  Vanderbilt,  tlien  coming  on  to 
the  stage,  was  running  opposition  everywhere.  Some- 
thing had  to  give  way ;  and  Mr.  Drew,  watching  his  - 
opportunity,  bought  the  Cinderella  for  a  trifle. 

MR.    DREW    OX    THE    HUDSON. 

In  1838  the  Hudson  River  Line,  with  fine  boats,  and 
at  three  dollars  to  Albany,  monopolized  travel.  Mr. 
Drew  bought  the  Emerald,  and  ran  her  as  an  opposi- 
tion to  the  old  line,  at  one  dollar  fare.  A  compromise 
was  effected,  and  the  old  price  restored.  In  1840  Mr. 
Drew  formed  a  partnership  with  that  steamship  king, 
Isaac  Newton.  The  floating  palace,  Isaac  Newton,  be- 
came a  night  boat  through  the  suggestion  of  Mr.  Drew, 
and  the  People's  Line  became  a  success.  The  New 
World  followed,  and  the  history  of  the  line  is  well 
known. 

OPERATES    OX    RAILROADS. 

The  Hudson  River  Railroad  was  opened  in  1852. 
Mr.  Boorman,  the  president,  told  Mr.  Drew  that  on  the 
opening  of  the  road  to  Albany  his  steamboats  would 
go  under.  Mr.  Drew  carried  passengers  for  a  dollar. 
The  fare  on  the  road  was  three.  The  president  urged 
Mr.  Drew  to  put  his  fare  up  to  two  dollars.  "  Our 
company  makes  money  enough  at  one,"  said  Mr.  Drew. 
tt  You  can  regulate  the  fare  in  one  way.  Buy  out  the 
People's  Line,  if,"  he  added,  u  you  have  money  enough." 
Vanderbilt  looked  with  jealousy  on  Mr.  Drew's  advent 
in  the  steamboat  business.     "You  have  no  business  in 


136  OPERATOR  IN  THE  STREET. 

this  <  trade/'  said  the  Commodore.  "  You  don't  under- 
stand it,  and  you  can't  succeed."  Since  1836  more 
than  fifty  opposition  boats  have  been  placed  on  the 
Hudson  River  against  the  People's  Line.  Not  one  of 
them  has  been  a  success;  while  the  unequalled  river 
steamers  —  the  Dean  Richmond,  the  St.  John's,  and 
the  Drew  —  tell  the  story  of  Mr.  Drew's  success.  He 
chooses  his  assistants  with  great  sagacity ;  and  the 
captains,  pilots,  clerks,  and  subordinates  seldom  leave 
his  employ  till  they  are  removed  by  death.  Mr.  Drew 
insures  his  own  steamboats.  It  wTould  cost  him  half 
a  million  of  dollars  to  have  them  insured  in  any  reliable 
office.  His  losses  are  not  ten  per  cent,  on  that  sum. 
The  loss  of  the  Dean  Richmond  cost  Mr.  Drew  nearly 
three  hundred  thousand  dollars.  He  paid  every  shipper 
and  passenger  all  that  was  claimed.  There  was  not 
one  single  lawsuit,  nor  a  reference  even,  in  the  settle- 
ment of  the  cases. 

-OPERATOR   IN   THE    STREET. 

In  1836  Mr.  Drew  appeared  in  Wall  Street.  For 
eleven  years  his  firm,  including  Robinson  and  Kelley, 
were  very  celebrated.  Mr.  Drew  was  a  rapid,  bold, 
and  successful  operator.  His  connection  with  the 
Erie  Railroad,  guaranteeing  the  paper  of  that  com- 
pany to  the  amount  of  a  million  and  a  half  of  dollars, 
showed  the  magnitude  of  his  transactions.  In  1857, 
as  treasurer  of  the  company,  his  own  paper,  indorsed 
by  Vanderbilt  to  the  amount  of  a  million  and  a  half  of 
dollars,  saved  the  Erie  from  bankruptcy.  During  that 
year,  amid  almost  universal  commercial  disaster,  Mr. 
Drew's  losses  were  immense ;  but  he  never  flinched, 
met  his  paper  promptly,  and  said  that  during  all  the 


PERSONAL^AND  DOMESTIC.  137 

crisis  he  had  not  lost  one  hour's  sloop.  In  connection 
with  Yanderbilt,  ho  relieved  the  Harlem  road  from  its 
floating  debt  of  over  half  a  million  dollars,  and  aided  in 
placing  it  in  its  present  prosperous  condition. 

PERSONAL    AND    DOMESTIC. 

His  heart  is  in  Carmel,  where  lies  his  farm  of  a  thou- 
sand acres,  carried  on  with  the  same  judicious  skill 
which  marks  his  operations  as  a  capitalist.  His  farmers 
have  homes  of  their  own,  and  their  interest  is  identified 
with  that  of  Mr.  Drew.  Near  the  rural  graveyard. 
where  he  intends  to  bo  interred  at  the  last  by  the  side 
of  his  ancestors,  Mr.  Drew,  in  connection  with  his 
daughter,  has  erected  one  of  the  most  beautiful  church- 
es in  the  land,  and  consecrated  it  to  the  promulga- 
tion of  the  faith  he  has  long  professed.  To  all  the  in- 
stitutions of  learning  in  his  church,  sacred  and  secular, 
he  has  been  a  liberal  and  constant  benefactor.  The 
elegant  marble  stricture  on  Fourth  Avenue,  known  as 
St  Paul's  Church,  is  a  monument  to  his  liberality. 
Waiving  his  desire  that  a  theological  seminary,  bearing 
his  name,  should  be  erected  in  Carmel,  the  place  of  his 
birth,  he  selected  the  beautiful  site  in  Madison  Square, 
central  to  the  whole  church,  for  the  establishment  of  a 
denominational  seminary.  The  manner  in  which  he 
made  the  great  donation  is  characteristic  of  the  man, 
and  we  have  detailed  it  elsewhere.  Considered  from 
any  stand-point,  Mr.  Drew  must  be  regarded  as  a  public 
benefactor.  His  industry,  energy,  and  talents  have 
been  honorably  employed.  In  donations  seldom 
equalled  he  has  laid  a  chaplet  on  the  altar  of  religion, 
a  testimonial  of  its  value  in  youth  and  its  support  in 
age. 


IX. 

"IRREGULARITIES"    AND    CRIME    ON    THE 

STREET. 

General  Survey. — Atmosphere  of  the  Street.  —  Reign  of  Terror 
in  Wall  Street.  —  Immoralities  of  the  Street.  —  Young  Gray 
and  Ketchum. —  Infatuation. — The  Great  Peril. — How  the  Money 
Goes. — Wall  Street  Wrecks. 

The  speculations  in  stock  and  gold  have  not  only 
brought  about  a  new  style  of  business,  but  the  use  of 
new  terms.  Crime,  fraud,  embezzlement  are  called 
irregularities.  Men  are  not  criminal  who  betray  their 
trust,  use  money  that  don't  belong  to  them,  alter 
checks,  forge  names,  and  speculate  *with  bonds  put  in 
their  house  for  safe  keeping.  "But  they  are  sharp 
men,  unwise  in  some  things,  fools  to  go  into  specula- 
tions so  deep  —  that's  all."  This  sentiment  is  not 
confined  to  Wall  Street.  It  marks  the  age.  It  is 
common  to  talk  of  bribery  and  corruption  in  official 
life.  Men  who  sit  at  the  head  of  affairs  are  bought 
and  sold  in  the  market.  If  a  man  is  elected  to  an 
office,  it  is  a  common  remark,  "He  will  make  his  pile." 
If  he  is  not  too  glaring  and  audacious  in  his  thefts,  no 
one  will  meddle  with  him.  If  measures  are  to  be  car- 
ried, or  to  be  defeated,  money'  must  be  raised,  and 
put  into  the  hands  of  certain  men,  or  the  affair  falls 
through.    In  the  city  there  is  a  stout  fight  always  over 

(138) 


HUE  ON  THE  STREET,  130 

the  office  of  senator.  The  pay  is  three  dollars  a  day  ; 
the  expenses  at -least  fifty.  If  a  railroad  franchise  is 
wanted,  ten  thousand  in  cash,  and  a  block  of  the  stock 
will  carry  it.  Street  railroads  are  obtained  in  the 
same  manner.  The  famous  Harlem  corner  was  crea- 
ted by  the  refusal  of  Vanderbilt  to  pay  blackmail  to 
men  in  power.  Men  pay  cash  of  ten  and  twenty  thou- 
sand dollars  to  carry  an  election,  when  the  salary  con- 
nected with  the  office  is  not  a  quarter  of  that  sum. 
Everybody  understands  that  the  office  pays  in  some 
way.  Parties  often  come  down  from  Albany,  and  say 
to  individuals  in  the  city,  "What  is  your  office  worth 
to  you  ?  "  As  the  man  makes  from  five  to  twenty 
thousand  a  year,  he  is  a  little  startled.  The  Albany 
man  says,  uThe  office  is  going  to  be  abolished.  Fifty 
thousand  will  save  it."  The  excited  New  Yorker  flies 
around,  raises  the  money,  and  the  evil  is  stayed.  The 
manner  in  which  these  things  is  managed  is  as  notori- 
ous as  any  legislation  in  the  land.  Men  who,  a  short 
time  ago,  could  not  get  trusted  for  a  paper  of  tobac- 
co, sport  blood  horses  in  the  park,  and  live  in  style. 
It  is  a  very  common  thing  for  officials  to  leave  their 
position  for  a  sum  named,  and  allow  bills  to  be  put 
through  in  their  absence.  A  Xew  York  official  has 
more  than  once  notified  the  body  over  which  he  pre- 
sided that  he  would  be  out  of  the  State  when  a  meet- 
ing was  held.  His  custom  was  to  take  the  ferry  boat 
and  go  to  Jersey  City,  take  a  drink  and  go  home.  He 
avoided  the  responsibility  of  legislation,  while  his 
friends  carried  obnoxious  measures  through.  It  was  well 
known  that  a  bribe  of  fifty  thousand,  and  once  as  high 
as  a  hundred  thousand,  was  paid  for  this  service.     An 


140  ATMOSPHERE   OF  THE  STREET. 

official  in  this  neighborhood  had  decided  opinions,  and 
was  supposed  to  be  an  honest  man.  Interested  par- 
ties wanted  an  ordinance  passed  of  great  value  to 
them.  They  knew  the  officer  would  not  sign  the  law, 
and  they  could  not  carry  it  over  his  veto.  A  check 
of  $50,000  was  laid  before  him,  with  the  condition, 
that  on  an  evening  named,  he  should  visit  the  State  of 
New  Jersey,  and  remain  there  one  night. 

ATMOSPHERE    OF    THE    STREET. 

In  such  an  atmosphere  great  crimes  must  be  com- 
mon. The  moral  tone  is  so  low  that  the  temptation 
to  commit  wrong  is  very  great,  and  the  disgrace  and 
punishment  slight.  Dishonesty  is  known  as  shrewd- 
ness, and  fraud  is  regarded  as  being  sharp.  The  loose 
way  of  transacting  business,  the  modern  custom  of 
blending  one's  own  funds  with  other  people's,  and 
using  the  whole  in  speculation,  has  induced  leading 
capitalists  to  refuse  anything  as  an  investment  which 
they  cannot  control.  The  drinking  customs  of  Wall 
Street  have  a  great  deal  'to  do  with  its  crimes.  One 
of  the  leading  banks,  at  its  annual  election,  furnishes 
liquor  for  all  in  attendance.  Every  variety  of  strong 
drink  was  in  abundance,  and  huge  bowls  of  strong 
punch  are  provided.  Presidents,  officials,  directors, 
and  clerks  go  in  for  a  carouse.  Staid  old  men  get  so 
boozy  that  they  are  sent  home  in  carriages,  and  young 
men,  frenzied  by  free  liquor,  yell  and  sing  with  de- 
light. Nor  does  it  stop  there  ;  the  example  leads  the 
employees  of  the  bank  to  fashionable  restaurants, 
flashy  and  extravagant  company,  and  to  the  forked 
road  that  leads  to  the  gaming  table  or  Wall  Street. 


REIGN  OF  TERROR  IX   WALL  STREET.  ]  |  1 

A  house  went  down  the  other  day,  and  in  answer  to 
the  question  how  it  happened,  one  of  the  proprietors 
said,  "A  glass  of  wine  did  it."  The  house  did  a  large 
business  South  and  West.    It  employed,  among  others, 

a  young  man  of  talent  and  smartness,  lie  was  en- 
trusted with  the  collection  of  the  heavy  sums  due 
the  house  in  the  South.  He  was  as  sober  as  clerks 
generally  are,  and  enjoyed  the  confidence  of  his  em- 
ployers. He  was  very  successful  in  his  tour,  collected 
large  sums  of  money,  and  readied  New  Orleans  on 
Saturday  night,  on  his  way  home.  He  telegraphed 
his  success,  and  announced  his  intention  of  leaving  on 
Monday  morning.  Sunday  dawned  on  him ;  he  was 
alone  in  a  strange  city.  Some  genteelly-dressed  per- 
sons, apparently  gentlemen,  made  his  acquaintance, 
and,  after  general  conversation,  invited  him  to  take  a 
glass  of  wine.  He  was  accustomed  to  do  this  with  his 
employers,  and  it  would  seem  churlish  for  him  to  re- 
fuse so  courteous  a  request.  If  he  had  gone  to  church, 
he  would  have  escaped  the  temptation.  If  he  had 
been  a  Sunday  School  young  man,  he  would  have 
found  good  society  and  genial  employment.  He  went 
to  the  bar  with  his  new-found  companions.  He  knew 
nothing  more  till  Monday.  His  money,  watch,  and 
jewelry  were  gone,  and  he  found  himself  bankrupt  in 
character,  and  penniless.  He  had  been  drugged.  He 
telegraphed  to  his  house.  The  news  came  in  a  finan- 
cial crisis,  and  the  loss  of  the  money  carried  the  house 
under. 


142  REIGN  OF   TERROR  IN  WALL  STREET. 

REIGN    OF    TERROR   IN    WALL    STREET. 

Desperate,  daring  men  find  Wall  Street  a  fitting 
field  for  the  exercise  of  their  talents.  More  than  once 
in  the  history  of  the  street,  combinations  have  been 
formed  to  rob  the  banks. 

During  the  great  fire  in  1836,  which  swept  all  New 
York,  from  Wall  Street  to  the  Battery,  and  from  Broad 
Street  to  the  water,  the  military  were  on  duty  three 
days  and  three  nights.  The  day  Mayor  Clark  was 
sworn  into  office,  he  received  a  letter  from  the  presk 
clents  of  the  city  banks,  informing  him  that  the  banks 
were  to  suspend  specie  payments,  and  that  they  feared 
a  riot.  The  mayor  was  terribly  frightened,  and  sent 
for  General  Sanford,  who  assured  the  mayor  that  he 
could  keep  the  peace.  The  next  morning  Wall  Street 
was  packed  with  people,  who  threatened  to  tear  down 
the  banks  and  get  at  the  specie.  The  First  Division 
was  called  out.  There  was  probably  not  a  man  in  that 
corps  who  was  not  as  excited,  personally,  as  the 
maddened  throng  that  surged  through  the  streets ;  yet 
not  a  man  shrank  from  his  duty,  or  refused  to  obey  his 
commander.  The  First  Division  were  marched  to  the 
head  of  Wall  Street,  except  the  cavalry,  who  were 
stationed  around  the  banks  in  the  upper  part  of  the 
city.  General  Sanford  planted  his  cannon  on  the  flag- 
ging in  front  of  Trinity  Church.  The  cannon  com- 
manded the  wrhole  of  Wall  Street.  He  then  sent  word 
to  the  rioters  that  his  fuse  was  lighted,  and  on  the 
first  outbreak  he  should  fire  upon  the  rioters,  and  that 
peaceable  citizens  had  better  get  out  of  the  way.  The 
announcement   operated    like   magic,  and    in   a   few 


REIGN  OF  TERROR  IN   WALL  STREET.  1  13 

minutes  there  was  not  a  corporal's  guard  left  in  the 
vicinity  of  the  banks.  The  citizens  knew  that  the 
troops  would  do  their  duty,  and  that  silent  park  of 
artillery  was  an  efficient  peace  corps. 

An  extra  police  force  is  on  duty  continually.  Adroit 
rogues  and  bold  villains,  by  their  very  audacity,  ac- 
complish their  purpose.  Carrying  gold,  and  a  million 
or  two  of  greenbacks,  about  the  street,  is  as  common 
as  carrying  bundles  and  merchandise  is  in  other  parts 
of  the  city.  Common  drays  are  backed  up  to  the 
great  moneyed  institution,  and  loaded  down  with  gold. 
Rough-looking  persons  they  are  that  handle  the  pre- 
cious stuff,  surrounded  often  by  a  rougher  looking 
crowd.  The  temptation  to  seize  a  bag,  and  make  off 
with  it,  is  a  very  strong  one.  The  very  daring  of  the 
act  makes  it  often  successful.  The  habits  of  bank 
messengers  arc  well  known  to  the  "fancy."  The 
money  transactions  of  the  city  are  very  regular.  The 
movement  of  a  hundred  millions  occupies  the  hours  be- 
tween ten  and  two.  Messengers  are  running  in  every 
direction.  A  bank  that  does  a  business  of  twenty 
millions  daily  has  an  army  of  clerks  and  messengers 
on  the  wing  perpetually  —  Out  into  the  street;  down 
into  cellars ;  through  dark  alleys  and  narrow  lanes ; 
up  narrow  and  crooked  stairs — in  every  direction  the 
messengers  rush,  loaded  down  with  greenbacks  and 
gold,  checks,  bonds,  and  gold  certificates.  Desperate 
men  track  these  messengers,  garrote  them  in  dark 
alleys,  knock  them  senseless,  and  steal  their  treasures ; 
and  more  than  once,  on  the  corner  of  William  and 
Wall  —  the  most  prominent  part  of  the  street  —  par- 
ties have  been  robbed  in  the  presence  of  a  hundred 


144     REIGN  OF  TERROR  IN   WALL  STREET. 

men.  Accomplices  are  always  on  hand,  teams  pro- 
vided, and,  in  the  confusion,  generally  the  party 
escapes.  Some  of  the  banks  hire  a  carriage,  and  em- 
ploy a  police  officer  to  attend  their  messengers  to  the 
Clearing  House  and  back.  Some  of  the  heavy  bank- 
ing houses  employ  special  policemen  to  attend  their 
messengers  when  they  deliver  money.  In  many  cases 
the  messengers  are  in  complicity  with  rogues.  A 
bank  clerk  was  robbed  a  short  time  since  of  ten  thou- 
sand dollars  at  noonday.  The  police  investigated  the 
matter,  and  developed  the  following  facts  :  The  house 
robbed  was  one  of  the  largest  stock  dealing  houses  in 
the  street.  A  messenger  w^as  sent  to  collect  gold  cer- 
tificates of  twenty  thousand.  The  messenger,  on  his 
way  to  the  bank,  met  another  messenger,  and  they 
went  into  a  saloon  and  took  to  drinking.  It  was 
proved  they  drank  five  times — nobody  knows  how 
many  more.  The  young  man  was  enticed  by  his  com- 
panion into  a  dark  cellar-way,  and  was  knocked  down, 
or  fell  stiff  and  senseless.  The  companion  seized  the 
band  of  certificates,  and  ran  to  the  bank  for  the 
money.  This  was  done  in  broad  daylight,  some  par- 
ties looking  on.  One  of  the  spectators,  who  knew  the 
messenger,  notified  the  firm.  One  of  the  partners  ran 
to  the  bank,  and  found  the  messenger  with  the  gold 
in  his  hand,  ready  for  operation.  In  one  of  the  banks, 
during  business  hours,  may  be  seen  an  old  negro,  cha- 
fing up  and  down  like  a  caged  lion.  For  twenty 
years  he  was  the  bank  messenger  —  paid  all  the  ex- 
changes, ran  his  rounds  alone,  and  through  him  the 
bank  never  lost  a  dollar.  As  stout,  energetic,  pugilis- 
tic men  are  needed  on  the  Stock  Exchange,  so  daring 


IMMORALITIES   OF   THE   STREET.  \  \  5 

men  of  courage,  with  the  dash  of  a  prize-fighter  about 
them,  arc  needed  as  messengers,  and  the  old  colored 
servant  is  laid  upon  the  shelf. 

IMMORALITIES    OF    THE    STREET. 

Few  men  escape  the  demoralization  of  Wall  Street. 
Men  have  gone  down  into  that  arena  with  large  for- 
tunes and  unblemished  repute,  and  come  up  penniless 
and  bankrupt  in  character.  The  head  of  one  of  our 
largest  mercantile  houses,  one  of  the  most  trusted  of 
bank  presidents,  with  a  well  earned  reputation  of  a 
quarter  of  a  century  upon  him,  threw  the  whole  away 
in  a  few  months  in  that  vortex. 

Young  Gray  had  a  brilliant,  but  a  short  career.  He 
came  up  from  dark,  den-like  offices  in  Exchange  Place, 
to  magnificent  rooms  on  Broad  street.  He  furnished 
his  offices  in  grand  style.  His  very  audacity  gave  him 
success.  He  outshone  the  eminent  houses  that  have 
stood  the  shock  of  half  a  century.  He  secured  high- 
toned  recommendations,  and  his  dash  and  daring  facil- 
itated his  gigantic  frauds.  Strange  enough,  very  few 
ever  saw  him.  For  a  day  or  two  his  name  was  better 
known  than  Vanderbilt's.  Those  who  saw  him,  de- 
scribe him  as  a  young  man,  very  boyish  in  his  appear- 
ance, looking  rather  green, — thirty  years  of  age,  tall 
and  slim,  with  light  hair  and  mustaches.  He  laid  his 
plans  with  consummate  ability.  He  secured  govern- 
ment bonds,  and  forged  nothing  but  the  sums.  The 
signatures  and  the  paper  were  genuine.  Had  Gray 
offered  bonds  manufactured,  or  with  signatures  forged, 
he  would  have  been  detected  at  once.  But  his  plan 
was  to  take  genuine  bonds,  and  alter  the  amounts. 
10 


146  IMMORALITIES  OF  THE  STREET. 

Bonds  of  one  thousand  were  altered  to  ten.  Bonds  of 
five  thousand  were  altered  to  fifty  thousand.  During 
business  hours  the  rush  in  the  street  is  immense ;  mil- 
lions pass  in  an  hour  and  nothing  is  thought  of  it.  In 
the  excitement  of  the  hour,  when  the  time  came,  Gray 
and  his  associates  threw  the  bonds  on  to  the  market,  and 
obtained  money  everywhere.  Firms  loaned  ten  thou- 
sand on  securities  worth  one,  and  fifty  thousand  on 
securities  worth  five.  The  sum  thus  obtained  is  sup- 
posed to  have  ranged  from  two  hundred  thousand  to 
half  a  million.  One  morning  the  iron  shutters  of  44 
Broad  street  were  down,  and  the  sheriff  in  possession. 
Few  instances  have  brought  with  them  a  sadder 
moral  than  that  connected  with  young  Ketchum.  A 
very  young  man,  he  was  partner  of  one  of  the  oldest 
and  most  honored  houses  in  the  city.  For  two  genera- 
tions the  firm  had  been  without  a  stain  in  the  mercan- 
tile community.  Active,  energetic,  capable,  and  ap- 
parently honest,  the  young  man  soon  obtained  the  con- 
trol of  the  great  business  of  his  house.  No  one  can 
tell  what  he  did  with  the  vast  sums  of  money  he  ob- 
tained. The  avenues  of  expenditure  are  very  wide 
and  very  numerous  in  New  York.  Gaming,  drinking, 
fast  company,  extravagance  in  horses,  dress,  jewelry, 
and  establishments,  will  make  way  with  a  great  deal 
of  money  in  a  short  time.  The  transactions  in  gold 
when  Ketchum's  forgeries  came  to  light,  facilitated  the 
frauds  he  committed.  Each  banker  then  kept  a  gold 
check  book,  drew  his  gold  certificates  himself,  and  had 
them  certified  at  the  Gold  Bank.  These  certified  checks 
passed  as  gold  everywhere,  from  hand  to  hand,  while 
the  gold,  untouched,  remained  in  the  vaults.     Ketchum 


IMMORALITIES  OF  THE  STREET.  1  17 

drew  an  untold  number  of  ehecks,  forged  the  certifi- 
cation, and  scattered  them  in  every  direction.  The 
success  of  his  movement  led  to  an  entire  change  in 
the  system,  and  gold  checks  are  now  issued  at  the 
Treasury  Department,  and  certified  there. 

The  detection  of  the  Ketchum  forgeries  was  inevita- 
ble. The  road  may  be  a  long  one,  but  the  turn  surely 
comes.  A  wealthy  German  loaned  Ketchum  &  Sons 
eighty  thousand  dollars  on  one  of  the  forged  checks. 
The  bad  spelling  of  the  name  of  the  house  satisfied 
the  broker  that  something  was  wrong.  "He  called  in 
his  loan,  and  said  nothing.  Meeting  a  friend  in  the 
street  the  next  day,  he  said,  uyou  loaned  the  Ketch- 
urns  seventy  thousand  yesterday,  call  in  your  loan 
and  ask  no  questions."  Presenting  his  securities  for 
money,  Ketchum  was  refused  by  one  or  two  large 
houses.  He  was  satisfied  that  his  secret  was  out,  and 
he  resolved  to  flee.  The  excitement  was  terrific  when 
the  forgeries  were  known.  For  the  house  there  was 
very  little  sympathy.  It  was  known  to  be  sharp  and 
hard,  though  successful.  The  pound  of  flesh  was  ex- 
acted, and  the  scales  and  knife  were  always  ready. 
Sympathy  with  debtors  was  not  a  part  of  its  code,  and 
failure  to  meet  liabilities  was  regarded  as  a  crime. 
When  the  house  went  down,  as  sharp,  hard  firms  are 
apt  to,  the  feeling  of  the  street  was  one  of  relief,  and 
not  of  sympathy.  "He  shall  have  judgment  without 
mercy,"  is  a  text  from  which  sermons  are  constantly 
preached  in  Wall  street. 

A  CASE  IX  POIXT. 

In  one  of  the  small  streets  of  lower  New  York,  where 
men  who  are  "  hard  up  "  congregate,  where  those  who 


148  A  SHARP  MERCHANT. 

do  brokerage  in  a  small  way  have  a  business  location,  a 
name  can  be  read  on  a  small  tin  sign,  that  is  eminently 
suggestive.  The  man  who  has  desk-room  in  that 
locality  I  have  known  as  a  leading  merchant  in  New 
York.  His  house  was  extensive,  his  business  large. 
He  was  talked  of  as  the  rival  of  Stewart.  No  store  in 
New  York  was  more  celebrated.  He  was  sharp  at  a 
trade,  and  successful.  He  was  a  hard  creditor,  and  un- 
relenting. He  asked  no  favors,  and  granted  none.  It 
was  useless  for  a  debtor  to  appeal  to  him.  "  Settle, 
sir ! "  he  would  say,  in  a  sharp,  hard  manner,  "  settle, 
sir !  How  will  I  settle  ?  I  will  settle  for  a  hundred 
cents  on  the  dollar,  sir."  Nothing  could  induce  him  to 
take  his  iron  grasp  off  of  an  unfortunate  trader.  Over 
his  desk  was  a  sign,  on  which  was  painted  in  large 
letters,  a  No  Compromise."  '  He  answered  all  appeals 
by  pointing  to  the  ominous  words,  with  his  long,  bony 
fingers.  His  turn  came.  He  went  under —  deep.  All 
New  York  was  glad. 

In  travelling,  I  passed  the  night  with  a  wealthy  mer 
chant.  His  name  on  'change  was  a  tower  of  strength. 
He  had  made  his  fortune,  and  was  proud  of  it.  He  said 
he  could  retire  from  business  if  he  would,  have  a  for- 
tune for  himself  to  spend,  and  settle  one  on  his  wife 
and  children.  He  was  very  successful,  but  very  severe. 
He  was  accounted  one  of  the  shrewdest  merchants  in 
the  city.  But  he  had  no  tenderness  towards  debtors. 
In  the  day  of  his  prosperity  he  was  celebrated  for 
demanding  the  full  tale  of  brick,  and  the  full  pound  of 
flesh.  A  few  months  after  I  passed  the  night  with  him 
he  became  bankrupt.     His  wealth  fled  in  a  day.     He 


A  SHARP  MERCHANT.  11!) 

had  failed  to  settle  the  fortune  on  his  wife  and  children, 
and  they  were  penniless.  lie  was  treated  harshly,  and 
was  summarily  ejected  from  the  institutions  over  which 
he  presided.  He  complained  bitterly  of  the  ingratitude 
of  men  who  almost  got  down  on  their  knees  to  ask 
favors  of  him  when  he  was  prosperous,  and  who  spurned 
and  reviled  him  when  he  fell.  If  in  the  day  of  his 
prosperity  he  had  been  kinder  and  less  exacting,  he 
might  have  found  friends  in  the  day  of  his  adversity. 

The  infatuation  of  young  Ketchum  was  not  the  least 
remarkable  thing  in  his  career.      He  disappeared  from 
the  street,  but  hung  around  New  York,  hiding  himself 
in  cheap  boarding  houses  through  the  day,  and  roam- 
ing through  the  city  at  night.     It  was  proposed  to 
save  him  from  prison.     Disgraced  and  ruined,   it  was 
thought  that  a  felon's  brand  would  be  kept  from  his 
brow.     Arrangements  were  made  to  pay  the  forged 
checks,  and  keep  him  from  the  hands  of  the  authori- 
ties.    Wall  street  would  rather  have  money  than  the 
body  of  the  criminal.     It  is  the  style  of  the  street  to 
take  the  cash,  and  let  the  culprit  run.     It  was  agreed 
that  the  parties  who  had  been  victimized,  when   they 
got  their  money,  should  not  appear  against  the  forger. 
Ketchum  could  easily  have  escaped.    Gray  was  caught, 
and  a  check  for  four  hundred  dollars  procured  his  lib- 
erty.    Ask  a  party  in  Wall  street  why  a  reward  of  five 
thousand  dollars  is  not  offered  for  a  defaulter,  and  the 
answer  will  be,  "What's  the  use;  the  man  will  give  a 
thousand  more  to  go  clear."     Ketchum  seemed  to  de- 
liver himself  up.     Forged  gold  certificates  were  found 
on  his  person.     Nothing  remained  but  to  lock  him  up 


150  THE  GREAT  PERIL. 

in  the  Tombs.  He  was  put  in  a  cell  occupied  a  clay  or 
two  before  by  a  murderer.  A  young  man,  almost  at 
the  head  of  the  financial  world,  with  an  elegant  home, 
moving  in  the  upper  ranks  of  social  life,  with  all  the 
cash  at  command  that  he  could  spend,  with  a  brilliant 
future  before  him,  an  opportunity,  such  as  not  one  in 
a  thousand  enjoys,  of  placing  his  name  among  the 
most  eminent  financial  men  in  the  world,  he  yielded 
to  the  allurements  and  temptations  of  the  street,  threw 
all  that  was  valuable  in  life  away,  and  accepted  a 
felon's  name  and  doom. 

THE  GREAT  PERIL. 

No  barriers  seemed  to  be  strong  enough  to  protect 
those  who  throw  themselves  on  the  excitement  of  stock 
speculation.  Like  the  cup  of  abominations  in  the 
Apocalypse,  it  seems  to  drunken  and  madden  all  who 
touch  it.  A  young  man  of  very  brilliant  abilities  had 
an  important  financial  position  in  a  prominent  house. 
His  salary  was  liberal,  his  social  position  high,  and  his 
style  of  living  genteel.  He  was  a  racy  writer,  and  a 
popular  correspondent.  He  took  a  special  interest  in 
Sunday  schools,  and  in  religious  and  reformatory  move- 
ments. He  was  especially  prominent  in  the  christian 
associations  of  the  land.  While  at  a  national  meeting 
of  associations,  in  which  he  bore  a  very  conspicuous 
part,  even  while  he  was  speaking  on  a  subject  involv- 
ing soundness  of  doctrine,  telegraph  wires  were  quiv- 
ering in  every  direction  with  the  intelligence  of  defal- 
cations with  which  he  was  charged.  It  was  the  old 
story  of  dishonesty  of  long  standing,  with  frauds  run- 
ning over  a  series  of  years,  carefully  covered  up,  and 


THE  GREAT  PERIL.  151 

ingeniously  hidden;  vouchers  forged,  and  an  appa- 
rently fair  page,  full  of  wrongs.     Early,  a  little  st< 

venture  was  indulged  in;  to  save  that,  more  money  was 
needed.  A  loss  in  one  direction  was  to  be  repaired 
by  a  little  speculation  in  another.  Money  borrowed 
for  a  day  or  two,  and  then  the  men  set  out  on  a  tramp 
in  the  beaten  path  to  ruin,  where  so  many  specula- 
tors go. 

HOW    THE    MONEY    GOES. 

The  most  astounding  thing  about  many  of  these  de- 
falcations is,  that  parties  involved  in  crime  secure  no 
personal  benefit  to  themselves.  It  was  not  believed 
that  Ketchum  had  the  benefit  of  the  million  or  more 
of  money  that  he  got  by  forgery.  San  ford,  who  in 
an  hour  destroyed  the  repute  earned  by  thirty  years 
of  honest  service,  when  he  ran  away,  though  his  defal- 
cations were  heavy,  left  his  family  penniless,  and  car- 
ried nothing  with  him.  To  obtain  a  high  position  in 
a  bank,  or  financial  company,  the  position  of  paying 
teller  or  cashier,  or  get  a  prominent  office,  is  a  great 
thing  in  Xew  York.  The  pay  is  large,  the  position 
permanent.  Capitalists  who  put  money  in  these  insti- 
tutions, do  it  often  to  make  a  place  for  their  children 
or  relations.  Vacancies  rarely  occur,  few  die,  and 
none  resign.  Each  director  and  officer,  and  each  polit- 
ical organization,  has  a  list  of  candidates  for  vacan- 
cies that  may  occur.  If  a  man  holds  a  responsible 
position  under  the  government,  he  must  have  bonds- 
men; the  same  is  true  of  cashiers,  treasurers,  and 
presidents.  Men  who  justify  in  sums  of  quarter  of  a 
million  or  less,  must  secure  well  known  bondsmen. 
Such  men  are  not  plenty,  and  they  do  not  expose 


152  TELE  GREAT  PERIL. 

themselves  without  a  consideration.  They  get  accom- 
modations, and  often  a  loan  of  money  and  bonds  held 
by  these  custodians  for  safe  keeping.  These  funds  are 
thrown  on  the  street  for  speculation.  Not  long  since, 
a  young  man  who  was  considered  the  very  soul  of 
honor,  who  was  never  known  to  equivocate,  even, 
whose  character  from  his  boyhood  was  that  of  honest 
simplicity,  whose  great  ambition  it  was  to  support  his 
mother,  who  was  a  widow,  was  found  to  be  a  defaulter 
to  a  heavy  amount.  His  style  of  living  was  such,  and 
his  well  known  habits,  that  it  was  known  that  he  could 
not  have  squandered  the  money  on  himself.  He  was 
too  timid  to  speculate,  and  the  marvel  was  what  had 
been  done  with  the  funds.  His  bondsman  had  used 
them  for  his  own  purposes.  First,  the  young  man  cer- 
tified a  check  when  there  was  no  money  in  the  bank, 
on  the  promise  of  its  being  made  good  the  next  day. 
The  bondsman  made  a  tool  of  the  young  officer,  first 
by  threatening  to  withdraw  as  bondsman,  and  then, 
having  led  him  on,  by  threatening  an  exposure.  The 
books  were  altered,  and  the  young  man  was  driven 
almost  to  madness  by  his  position.  Of  the  heavy  sum 
lost  by  the  bank,  not  a  dollar  went  into  his  own  pocket. 
He  is  an  illustration  of  thousands  who  are  the  dupes 
of  designing  men.  Some  moneyed  institutions  are 
exclusively  managed  by  a  clique  in  Wall  street.  If 
they  wish  to  produce  a  panic,  they  take  the  funds  of 
the  bank,  and  accomplish  the  purpose.  Bank  stock 
in  huge  blocks,  is  bought,  sold,  and  moved  about  to 
accomplish  the  schemes  and  combinations  of  stock 
speculators.  It  is  no  uncommon  thing,  for  men  on 
the  street,  to  demand  and  use  the  funds  of  public  in- 


WALL  STREET  WRECKS.  L53 

stitutions.  More  than  a  million  of  public  money  has 
been  known  to  be  moved  into  Wall  street  for  a  day's 
speculation. 

WALL    STREET    WRECKS. 

The  wreck  of  public  men,  who  venture  on  the  street, 
is  sad  to  l«>ok  upon.  A  short  time  since,  a  gentle- 
man was  on  trial  before  the  United  States  Court  for 
a  conspiracy  to  defraud  the  government.  Some  of  the 
principal  witnesses  were  men  who  have  stood  very 
high  in  the  community,  worn  judicial  honors,  and  been 
ranked  as  the  most  eminent  of  citizens.  Some  of  these 
witnesses  would  have  been  included  in  the  indictment, 
but  the  government  kept  them  as  witnesses.  These 
men,  themselves  criminals,  showed  under  oath,  how 
the  public  funds  were  used,  how  fortunes  were 
swamped  in  speculation,  and  how  the  greed  of  gain 
allures  honorable  men  from  the  right  path.  A  legal 
gentleman  was  offered  a  judicial  nomination  in  a  case 
where  a  nomination  would  have  been  equivalent  to  an 
election.  The  conditions  connected  with  the  nomina- 
tion were  such,  that  as  a  man  of  honor  he  felt  bound 
to  decline.  Almost  daily,  on  Wall  street,  I  meet  a 
man,  not  forty;  his  look  is  downcast,  dress  seedy,  and 
his  desire  seems  to  be  to  shun  every  one.  I  knew  him 
a  short  time  since  as  a  lawyer  in  Wall  street,  the  head 
of  a  happy  home,  a  Sunday  school  teacher,  and  an  hon- 
ored man.  He  took  to  the  ways  of  the  street,  and 
has  just  returned  from  the  State's  prison.  A  Sunday 
School  Superintendent,  and  a  very  devoted  one,  too, 
a  trustee  of  a  college,  and  an  influential  man,  left  his 
office,  and  the  quiet  walks  of  social  and  domestic  life, 


154  WALL  STREET  WRECICS. 

for  the  glitter  and  profit  of  a  public  position.  Every- 
body congratulated  him  on  his  good  fortune.  His 
friends  gave  him  a  dinner  in  honor  of  his  elevation. 
He  remained  in  office  but  a  short  time.  During  that 
short  period,  he  left  his  school,  was  removed  from 
church,  lost  his  own  fortune,  involved  his  friends,  and 
was  charged  with  using  money  that  belonged  to  the 
government.  The  pressure  for  money,  inside  and  out, 
was  too  great,  and  the  temptation  in  which  he  was 
placed  too  strong  for  him,  and  he  has  passed  out  of 
sight. 

Quite  a  young  man  in  New  York  made  his  fortune 
in  some  lucky  speculations.  He  was  admitted  to  be 
very  smart,  and  was  said  to  be  a  person  of  a  great 
deal  of  manliness  and  integrity.  One  of  the  methods 
of  the  street  to  raise  money  is  to  get  up  bogus  stock 
companies,  get  a  few  names  well  known  on  the  Board, 
and  these  are  paid,  hire  money  to  pay  a  dividend, 
throw  the  stock  on  the  market,  and  during  the  ex- 
citement sell  out,  and  enjoy  the  ill-gotten  gain.  The 
names  of  the  Directors  are  used  to  decoy  victims. 
The  rousing  dividend  excites  the  cupidity  of  men  in 
haste  to  be  rich.  There  is  a  great  deal  of  money  on 
the  street  waiting  to  be  invested.  Stock  paying  ten 
or  twenty  per  cent,  is  very  alluring.  Money  is  taken 
out  of  the  Savings  Bank,  drawn  out  of  Trust  Compa- 
nies, removed  from  where  it  lies  safely,  drawing  a 
reasonable  interest  or  paying  a  fair  dividend,  and  put 
in  the  new  company  where  dividends  are  so  large.  In 
a  few  weeks  or  months  the  concern  is  blown  to  atoms, 
and  mourners  go  about  the  streets.  The  victims  are" 
usually  those  least  able  to  bear  the  loss.     One  day,  a 


WALL  STREET  WRECKS.  155 

company  of  persons  came  into  the  counting  room  of 
the  young  man  referred  to  above,  and  offered  him  two 
hundred  and  fifty  thousand  dollars  if  he  would  allow 
his  name  to  be  used  as  President  of  a  new  company 
about  to  be  started.  The  conspirators  knew  that  with 
his  name  they  could  sell  half  a  million  of  stock.  As 
coolly  as  if  they  were  naming  the  price  of  a  barrel  of 
oil,  he  said,  "Gentlemen,  my  name  is  not  worth  two 
hundred  and  fifty  thousand  dollars,  but  if  it  is,  I  can't 
afford  to  throw  it  away  on  a  bogus  stock  company.'1 

A  man  came  to  the  surface  not  long  since  as  a  poli- 
tician, and  was  elected  to  the  legislature.  For  a  bribe 
of  twelve  hundred  dollars  he  abandoned  his  party,  and 
was  elected  to  an  honorable  position.  Political  influ- 
ence obtained  for  him  a  lucrative  berth  in  the  city, 
and  he  took  his  place  among  the  financial  men.  He 
became  involved  in  stupendous  frauds ;  his  new  style 
of  life  opened  to  him  extravagancies  and  luxuries  to 
which  he  was  before  a  stranger.  His  day  dream  was 
a  short  one.  In  a  few  months  he  was  an  inmate  of  the 
penitentiary. 

Quite  a  young  man  appeared  on  the  street  as  the 
representative  of  one  of  the  heaviest  New  England 
houses.  He  boarded  at  a  magnificent  hotel,  and 
prided  himself  on  having  the  largest  cash  balance  in 
the  bank  of  any  of  his  associates.  The  head  of  the 
house  which  he  represented  in  New  York,  died  very 
suddenly,  and  it  was  found  that  the  house  itself,  sup- 
posed to  be  one  of  the  richest  in  New  England,  was 
bankrupt — ruined  through  the  agency,  recklessness, 
and  dissipation  of  the  young  representative  in  New 
York.     That  a  house  so  old  and  honored,  holding  in 


156  WALL  STREET  WRECKS. 

trust  the  funds  of  widows  and  orphans,  should  allow 
itself  to  be  represented  by  a  dissolute  young  man, 
with  whom  no  prudent  person  who  knew  him  would 
trust  a  thousand  dollars,  is  marvelous.  The  young 
man  was  notorious  in  New  York  for  his  dissipation, 
habits  of  gaming  and  drinking,  loose  company,  and 
rash  and  daring  speculations.  He  is  a  type  of  a  large 
class  on  the  street. 

A  gentleman  residing  in  the  suburbs  had  but  little 
confidence  in  banks.  He  kept  his  securities  locked  up 
in  his  safe  at  home.  His  son-in-law,  doing  business  in 
New  York,  came  up  once  a  week  to  spend  Sunday. 
During  one  of  these  visits  the  keys  of  the  safe  myste- 
riously disappeared.  The  old  merchant  was  advised 
by  his  son-in-law  to  send  the  safe  to  New  York  to  be 
opened,  and  he  volunteered  to  take  charge  of  the  op- 
eration. The  safe  came  back  with  a  nicely  fitted  key. 
Three  months  afterwards  it  was  discovered  that  funds 
to  the  amount  of  one  hundred  thousand  dollars  had 
been  abstracted.  Nothing  could  be  proved  against 
the  son  in-law,  and  to  prevent  family  disgrace,  the 
thing  blew  over.  A  few  days  ago,  an  extensive  com- 
mission dealer  ran  away,  carrying  with  him,  not  only 
the  funds  of  the  house,  but  a  good  deal  of  money  be- 
longing to  other  people.  He  proved  to  be  the  same 
shrewd  gentleman  who  furnished  the  key  to  his  rela- 
tive's safe. 

Such  is  life  in  Wall  Street. 


X. 

GAMBLING  MANIA  IN  WALL  STREET, 
AND  ITS  FRUITS. 

A.    CASE     IN    POINT. — NO      MORAL     PRINCIPLE. — THE      INFATUATION.  —  SHARP 

PRACTICE. — THE     STREET     ON     THE     OUTSIDE. — THE    SCHUYLER     FRAUD. 

LODGINGS    IN    A    TENEMENT    HOUSE. — PERILS    OF    SPECULATION. — HONESTY 
LEADS. 

The  haste  to  be  rich,  by  a  lucky  stroke  of  fortune, 
by  hazarding  a  few  thousands  in  Wall  Street,  is  the 
same  spirit  that  leads  thousands  to  the  gambling  table. 
Lines  of  victims  move  in  procession  into  the  street 
daily,  to  try  their  fortune.  Into  the  great  maelstrom, 
money  is  thrown,  earned  in  the  mines  of  Montana,  dug 
out  of  the  rich  soil  of  California,  earned  by  hard  toil 
on  a  New  England  farm.  The  surplus  of  a  successful 
season  in  trade,  the  hard  earnings  of  a  mechanic  whose 
wife  wishes  to  go  to  Newport  and  the  Springs — the 
wife's  dower  that  should  be  put  down  in  government 
securities,  the  pittance  of  the  orphan,  by  which  it  is 
hoped  that  one  thousand  will  swell  to  ten  if  not  to 
hundreds,  are  hazarded  in  stock  speculations.  How- 
ever honest  and  regular  as  a  class  brokers  may  be,  the 
gambling  mania  centering  in  Wall  Street  sweeps  like 
the  simoon  of  the  desert  over  every  section  of  our 
land.  The  whole  business  of  the  country  has  been 
thrown  from  its  centre,  and  trade  generally  partakes 

(157) 


158  A  CASE  IN  POINT. 

of  the  excitement  and  fluctuation  of  stocks  in  the  mar- 
ket, A  man  who  goes  into  Wall  Street  to  do  business, 
goes  with  his  eyes  open.  He  knows,  or  may  know, 
that  he  is  at  the  mercy  of  a  dozen  unscrupulous  men 
who  can  swallow  him  up  in  an  hour  if  they  will.  Among 
the  thousand  small  brokers  of  the  street,  there  is  a  per- 
fect understanding  that  any  one  of  them  may  go  home 
penniless  before  night.  The  same  combinations  that 
lock  up  greenbacks  and  corner  gold  in  the  street,  strike 
trade  in  every  direction.  Wheat  and  corn  are  subject 
to  the  same  fluctuation  and  uncertainty  that  attends 
stock.  A  speculator  in  the  street  gets  a  private  tele- 
gram that  grain  is  scarce,  or  corn  heated,  or  some 
news  that  affects  the  market.  He  goes  immediately 
to  the  Corn  Exchange  and  bulls  and  bears  grain  as  he 
would  stocks.  The  same  men  monopolize  coal.  The 
market  is  entirely  bought  up,  or  the  miners  are  paid 
daily  wages  to  go  on  a  strike. 

A  CASE  IN  POINT. 

Dry  goods  are  as  sensitive  and  as  much  subject  to 
the  gambling  mania  as  money.  Extravagant  hotels, 
aristocratic  groceries,  from  which  goods  are  delivered 
by  servants  in  livery,  enormous  drinking  places  fitted 
up  like  a  royal  palace,  bespeak  the  extravagance  of 
the  age.  In  the  vicinity  of  Union  Park  a  snobby  spec- 
ulator, some  time  ago,  set  up  a  then  princely  mansion. 
It  was  brown  stone  in  front,  and  radiant  in  gold  and 
gilt.  It  was  furnished  sumptuously  with  gold  gilt 
rosewood  furniture,  satin  coverings  woven  in  gold  and 
imported  from  Paris,  carpets  more  costly  than  were 
ever  before  laid  in  the  city,  and  all  the  appliances  of 


X<>  MORAL  PRINCIPLE.  159 

fashion,  wealth,  and  taste,  were  included  in  the  adorn- 
ment. It  was  a  nine  days'  wonder  of  the  city,  and, 
like  other  experiments  of  the  same  sort,  it  came  to  an 
end.  The  furniture  was  brought  to  the  block  and  the 
family  disappeared  from  among  the  aristocracy  of  the 
city.  A  new  sensation*  awaited  the  curious.  The 
splendid  mansion  was  to  be  turned  into  a  first  class 
dry  goods  store.  It  would  outrival  Stewart  and  Claflin, 
and  nothing  to  eoual  it  would  be  found  in  London  or 
Paris.  The  whole  front  was  torn  out  and  the  building 
fitted  up  with  plate  glass,  and  made  gorgeous  as  the 
reception  room  of  a  sovereign.  Humor  ascribed  to  the 
firm  untold  wealth,  so  that  should  they  sink  one  or 
two  hundred  thousand  dollars  in  establishing  trade,  it 
would  not  embarrass  or  discourage  the  house.  The 
opening  day  came,  and  such  a  sight  New  York  never 
saw.  All  the  stories  were  thrown  open.  The  business 
was  in  apartments  and  gorgeously  fitted  up.  An  army 
of  salesmen  and  clerks  were  in  their  places,  arrayed  in 
full  evening  dress,  with  white  gloves.  All  New  York 
poured  in,  as  it  would  have  done  to  have  seen  the 
proprietors  hanged, — and,  then  turned  away  as  fash- 
ionable New  York  will,  leaving  the  concern  high  and 
dry  like  a  vessel  on  the  beach.  A  disastrous  failure 
followed,  and  the  ruined  speculators,  satisfied  that  New 
York  was  not  a  theatre  for  their  genius,  retired.  Three 
hundred  thousand  dollars  could  not  have  been  lost 
more  artistically  in  Wall  Street. 

NO  MORAL  PRINCIPLE. 

Gambling  and  moral  principle  are  not  yoke  fellows. 
The  very  style  of  business  done   in   the  street  brunts 


160  NO  MORAL  PRINCIPLE. 

the  moral  sense.  When  Swarthwout  embezzled  the 
Government  funds  and  gave  his  name  to  a  system  of 
swindling  which  has  become  so  disgracefully  common, 
he  stood  alone  in  his  disgraceful  eminence.  To-day 
gigantic  frauds,  embezzlements,  and  robberies,  are  so 
common  that  but  little  attention  is  paid  to  the  revela- 
tions. The  papers  are  full  of  instances  of  trusted  and 
honored  men,  who  commit  great  frauds.  A  small  por- 
tion only  of  such  crimes  come  to  the  surface.  The 
affair  is  hushed  up  to  prevent  family  disgrace.  A  cor- 
poration threatened  with  the  loss  of  one  hundred  thou- 
sand dollars  or  more  by  the  roguery  of  an  official,  had 
rather  take  the  money  from  a  friend  than  lock  up  the 
criminal.  Thousands  of  companies  sprung  up  during 
the  oil  speculations.  Full  two-thirds  of  these  were 
frauds,  and  dupes  and  victims  swindled  on  the  right 
and  on  the  left,  were  counted  by  thousands.  Men  who 
went  to  bed  supposing  that  they  were  worth  a  quarter 
of  a  million  awoke  in  the  morning  to  find  that  they  had 
been  swindled  out  of  all  their  money,  and  were  beg- 
gars. The  spirit  infects  nearly  all  the  officials  of  the 
government  to-day.  The  money  stolen  by  men  in  pub- 
lic places  is  lost  in  Wall  Street  or  squandered  at  the 
gaming  table.  Not  long  since  one  of  the  best  known 
business  men  was  suddenly  killed  on  a  train  of  cars. 
No  man  stood  higher  in  the  church  or  State.  He  had 
immense  sums  of  trust  money  in  his  hands  belonging 
to  widows  and  orphans,  and  religious  associations,  for 
he  was  thought  safer  than  any  savings  bank.  He 
was  a  fine  looking  man,  cheery  in  spirit,  agreeable  in 
manner.  He  was  supposed  to  be  the  embodiment  of 
integrity  and  fidelity.      His  sudden  death  brought  his 


NO  MORAL  PRINCIPLE,  1G1 

affairs  to  the  surface.  He  was  found  to  be  a  defaulter1 
to  an  immense  amount.  He  had  taken  the  funds  of 
widows  and  orphans  and  sunk  them  in  the  maelstrom 
of  Wall  Street,  Instead  of  leaving  his  family  a  princely 
fortune,  he  left  his  wife  and  children  dishonored  and 
ruined.  In  the  olden  time,  a  merchant  would  no  more 
have  used  trust  money  in  his  own  business,  than  he 
would  have  committed  any  other  great  crime.  At  the 
head  of  one  of  our  largest  and  most  successful  banks 
was  a  gentleman,  who  for  a  quarter  of  a  century  had 
the  established  reputation  which  high  honor,  business 
talent,  and  honest  devotion  to  his  pursuits,  give.  His 
habits  were  simple ;  his  house  modest,  and  his  style 
of  living  much  below  his  position,  lie  left  the  bank 
one  night,  at  the  usual  time,  bidding  his  associates  a 
cheery  good  evening.  He  did  not  return;  he  has 
never  returned.  On  examining  his  accounts,  it  was 
found  that  he  was  a  heavy  defaulter.  Not  content  with 
his  salary  and  his  business,  anxious  to  secure  a  fortune 
which  could  be  had  for  the  taking,  he  put  himself  into 
the  hands  of  stock  gamblers.  He  squandered  his  own 
money,  and  the  fortune  of  his  wife,  sold  bonds  placed 
in  the  bank  for  safe  keeping,  and  speculated  with  and 
lost  the  funds  of  depositors.  He  carried  nothing  with 
him,  but  fled  from  his  home  a  poor,  as  well  as  a  dis- 
graced man — bankrupt  in  fortune,  integrity,  ano^all. 
The  frequent  and  glaring  crimes  connected  with  gold 
gambling  do  not  alarm  the  community.  Some  regard 
the  revelations  as  a  good  joke,  or  a  sharp  hit.  Men 
wonder  how  much  the  party  made,  and  often  consider 
the  criminal  a  fool  for  not  doing  better.  Bets  are  fre- 
quently put  up,  as  to  the  amounts  taken ;  if  the  rob- 
11 


162  NO  MORA  L  PRINCIPLE. 

bery  runs  up  to  a  hundred  or  two  hundred  thousand 
dollars,  then  the  speculation  is  as  to  how  much  the  de- 
faulter will  return  to  have  the  matter  hushed  up.  To 
show  how  little  public  morality  there  is,  take  an  inci- 
dent :  I  was  present  not  long  since  a$  a  convention 
held  under  the  auspices  of  one  of  the  leading  religious 
denominations  of  the  State.  A  prominent  pastor  of 
this  city  accused  another  of  stating  things  that  were 
wholly  false,  both  on  the  floor  of  the  meeting  and  out- 
side. Other  eminent  men  confirmed  the  statement, 
one  of  whom  said  that  the  pastor  was  notorious  for  his 
u conspicuous  inaccuracies."  The  whole  thing  was 
treated  as  a  good  joke.  The  party  accused  was  cov- 
ered with  confusion  and  could  not  reply.  The  con- 
vention were  very  merry  over  his  embarrassment. 
Twenty-five  years  ago,  had  a  New  York  pastor  been 
accused  of  falsehood  in  an  assembly  and  confessed  it 
by  his  silence,  the  whole  religious  world  would  have 
been  agitated.  One  of  our  banks  was  robbed,  and  it 
put  its  loss  at  twenty-five  thousand  dollars.  The  com- 
munity didn't  believe  a  word  of  it,  and  the  commu- 
nity were  right..  Another  bank,  which  had  lost  heavily 
by  a  defaulting  cashier,  made  an  official  statement  that 
its  loss  would  not  exceed  one  hundred  thousand  dol- 
lars. A  few  years  ago  such  a  statement  signed  by 
bank  officers  would  have  received  implicit  credit.  Not 
only  the  press  placed  no  reliance  in  such  official  state- 
ment, but  the  discussions  in  the  banks  and  on  change 
showed  the  want  of  confidence  in  such  matters.  Iri 
this  age  of  demoralization,  when  everything  is  unset- 
tled morally,  and  everybody  is  at  sea,  when  checks, 
notes  and  bonds  have  to   be  examined  with  a  micro- 


THE  INFATUATION.  1^3 

>e  to  sec  whether  they  arc  forged  or  altered,  when 
the  recklessness,  infatuation,  and  madness  of  Baden 
Baden  pervades  every  department  of  business,  it  is 
something  to  say  that  in  the  Board  of  Brokers  in  Wall 
Street  there  has  not  appeared  a  defaulter  in  a  quarter*-1 
of  a  century,  or  a  man  that  has  repudiated  or  broken 
his  contracts. 

THE    INFATUATION. 

Men  who  have  had  a  taste  of  the  street  cannot  be 
kept  from  their  favorite  haunts.  I  sat  in  the  office  of 
a  gentleman  the  other  day-,  who,  six  months  ago,  was 
a  rich  man.  For  twenty-five  years  he  has  done  a  suc- 
cessful business,  and  at  no  time  has  known  financial 
embarrassment.  He  lived  in  luxury  in  a  city  and 
country  home.  It  was  his  boast  that  he  never  gave 
a  note,  incurred  a  debt,  or  failed  to  have  his  check 
honored  for  any  amount  needed.  A  nice  little  scheme 
was  presented  to  him  by  some  confidential  friends.  It 
was  a  time  of  general  excitement.  The  speculation 
was  such  a  nice  one,  and  the  gain  so  certain  and  large, 
that  the  man  placed  his  name  at  the  disposal  of  the 
combination,  and,  of  course,  was  ruined.  It  took  him 
twelve  hours  to  scatter  the  labor  of  twenty-four  years. 
Some  spiritualists  got  hold  of  a  capitalist  not  long 
since.  He  had  half  a  million  to  invest,  and  he  did  it 
in  original  style.  Having  great  confidence  in  Web- 
ster and  Clay  while  they  lived,  he  thought  they  might 
have  a  better  acquaintance  with  financial  matters  in 
the  spirit  land  than  they  exhibited  when  they  lived. 
Through  parties  competent  to  do  it,  he  opened  com- 
munications with  those  distinguished  statesmen.    They 


lGi  THE  INFATUATION. 

seemed  very  ready  to  assist  him  in  his  speculations. 
They  wrote  him  long  communications  through  his 
mediums,  which  he  read  to  his  friends.  It  was  ob- 
served that  Clay's  intellect  seemed  to  be  a  little  shaken 
since  his  departure,  and  Webster  was  more  diffuse 
and  less  compact  and  sententious  than  when  in  the 
land  of  the  living.  It  was  also  very  apparent  that 
these  distinguished  gentlemen  in  the  spirit  land  did 
not  know  much  about  the  affairs  in  this  world,  for  ihe 
speculations  proved  most  ruinous.  They  tied  up  the 
good  man's  fortune,  and  well  nigh  beggared  him.  But 
his  confidence  in  the  ability  of  Webster  and  Clay  to 
guide  him  to  untold  wealth  is  unshaken.  How  un- 
certain speculation  is  may  be  learned  from  an  answer 
given  by  one  of  our  oldest  and  most  successful  bro- 
kers to  a  friend.  "  I  have  fifty  thousand  dollars  to  in- 
vest," said  the  man  to  the  dealer  in  stocks,  "what 
would  you  advise  me  to  do  ? "  The  broker  pointed 
his  finger  to  a  donkey  cart  going  by,  loaded  with 
ashes,  "Go  and  ask  that  man  driving  the  ash  cart," 
said  the  broker;  "he  knows  as  much  about  it  as  I 
do."  When  the  oldest,  the  shrewdest,  and  the  most 
successful  operators  lose  from  fifty  thousand  to  half 
a  million  at  a  blow,  what  can  small  speculators  ex- 
pect? Yet  the  infatuation  continues..  Seedy  men 
hang  around  their  old  haunts,  waiting  for  something 
to  turn  up.  There  is  an  old  man  nearly  eighty,  who 
can  be  seen  daily  in  Wall  Street,  who  is  as  infatuated 
as  any  gambler  in  the  world.  He  was  accounted  a 
millionaire  a  few  months  ago.  Naturally  cool,  selfish, 
and  self-reliant,  a  mania  seemed  to  have  possessed 
him.     He  promised  over  and  over  again  to  leave  the 


SHARP  PRACTICE.  165 

street.  Everybody  saw  that  he  was  going  to  ruin. 
One  morning  he  came  down,  made  a  plunge,  lost 
everything,  and  has  gone  home  to  die  —  a  type  of 
tribes  who  dabble  in  stock. 

SHARP    PRACTICE. 

The  sudden  collapse  of  fortunes,  closing  of  elegant 
mansions,  the  selling  off  of  plate  and  horses  at  auction, 
the  hurling  of  men  down  from  first  class  positions  to 
subordinate  posts,  is  an  every-day  occurrence  in  New 
York.  In  almost  every  case  these  reverses  result  from 
outside  trading,  and  meddling  with  matters  foreign 
to  one's  legitimate  business.  The  city  is  full  of  sharp 
rogues  and  unprincipled  speculators,  who  lie  awake 
nights  to  catch  the  unwary.  None  are  more  easily  en- 
snared than  hotel-keepers,  and  this  is  the  way  it  is  done: 
A  well-dressed,  good-looking  man  comes  into  a  hotel, 
and  brings  his  card  as  the  president  of  some  great 
stock  company.  In  a  careless,  indifferent  way  he  asks 
to  look  at  a  suite  of  rooms.  He  has  previously  ascer- 
tained that  the  proprietor  has  from  fifty  to  a  hundred 
thousand  dollars  in  the  bank  waiting  for  something  to 
turn  up.  The  rooms  shown  are  not  good  enough.  He 
wants  rooms  that  will  accommodate,  certain  distin- 
guished gentlemen,  whom  he  names,  who  happen  to 
be  the  well-known  leading  financiers  of  the  great  cities. 
A  better  suite  is  shown  the  president.  The  cost  is 
high  —  one  thousand  dollars  a  month.  But  the  rooms 
suit;  he  must  accommodate  his  friends  ;  a  few  thousands 
one  way  or  the  other  won't  make  much  difference  with 
his  company  ;  so  he  concludes  to  take  the  rooms.    The 


136  SHARP  PEA  CTICE. 

landlord  hints  at  references ;  the  president  chuckles  at 
the  idea  that  he  should  be  called  upon  for  references ; 
he  never  gives  any ;  but  if  the  landlord  wants  one  or 
two  thousand  dollars,  he  can  have  it.  "  Let  me  see/'  the 
president  says,  very  coolly,  "  I  shall  want  these  rooms 
about  six  months,  off  and  on.  I  may  be  gone  half  the 
time,  or  more.  If  it's  any  accommodation  to  you,  I  will 
give  you  my  check  for  six  thousand  dollars,  and  pay 
the  whole  thing  up."  Of  course  the  landlord  is  all 
smiles,  and  the  president  takes  possession.  Before  the 
six  months  are  out,  from  fifty  to  a  hundred  thousand 
dollars  of  the  landlord's  money  goes  into  the  hands  of 
the  speculator,  and  a  lot  of  worthless  stock  is  locked 
up  in  the  safe  of  the  hotel. 

Another  scheme  is  equally  successful.  The  rooms 
are  taken,  and  the  occupant  is  the  most  liberal  of 
guests.  Champagne  suppers  and  costly  viands  are 
ordered  without  stint,  and  promptly  paid  for.  Coaches 
with  liveried  drivers  and  footmen,  hired  for  the  occa- 
sion, leave  imposing  cards  at  the  hotel.  The  obsequi- 
ous landlord  and  well-feed  steward  pay  especial  atten- 
tion to  the  wants  of  the  liberal  guest.  Waiters  fly  at 
his  command,  and  the  choicest  tit-bits  are  placed  before 
him.  Picking  his  teeth  after  breakfast  while  the  land- 
lord is  chatting  with  him  some  Saturday  morning  when 
it  rains,  he  expresses  a  wish,  rather  indifferently,  that 
he  had  fifty  thousand  dollars.  His  banker  won't  be 
home  till  Monday  —  don't  care  much  about  it  —  get 
it  easy  enough  going  down  town  —  wouldn't  go  out  in 
the  rain  for  twice  the  sum  —  indifferent  about  it,  and 
yet  evidently  annoyed.     The   landlord   goes  into  his 


THE  STREET  OX  THE  OUTSIDE.  1G7 

office  and  examines  his  bank  account,  and  finds  lie 
can  spare  fifty  thousand  dollars,  without  any  incon- 
venience, till  Monday.  Glad  to  accommodate  his 
tinguished  guest,  who  is  going  to  bring  all  the 
moneyed  men  to  his  hotel,  he  hands  over  the  money, 
which  is  refused  two  or  three  times  before  it  is  taken. 
On  Monday  morning  the  hotel  man  finds  that  his 
distinguished  tenant  has  put  a  Sabbath  between  him- 
self and  pursuit.  Such  tricks  are  played  constantly, 
and  new  victims  are  found  every  day. 

THE    STREET    OX    THE    OUTSIDE. 

Men  who  visit  New  York,  and  sec  nothing  but  the 
outside  aspect  which  it  presents,  imagine  that  success 
is  one  of  the  easiest  things  in  the  world,  and  to  heap 

O  1 

up  riches  a  mere  pastime  in  the  city.  They  are  famil- 
iar with  the  name  and  history  of  the  Astors.  They 
"know  that  Stewart  began  life  a  poor  boy,  kept  store  in 
a  small  shanty,  and  kept  house  in  a  few  rooms  in  a 
dwelling,  and  boarded  his  help.  They  walk  through 
Fifth  Avenue,  and  look  on  the  outside  of  palaces  where 
men  dwell  who  left  home  a  few  years  ago  with  their 
worldly  wealth  tied  up  in  a  cotton  handkerchief.  They 
stroll  around  Central  Park,  and  magnificent  team-, 
gay  equipages,  and  gayer  ladies  and  gentlemen,  go  by 
in  a  constant  stream ;  and  men  are  pointed  out  who  a 
short  time  ago  were  grooms,  coachmen,  ticket-takers, 
boot-blacks,  news-boys,  printer's  devils,  porters,  and 
coal-heavers,  who  have  come  up  from  the  lower  walks 
of  life  by  dabbling  in  stocks,  by  a  lucky  speculation,  or 


168  THE  SCHUYLER  FRAUD. 

a  sudden  turn  of  fortune.  So  young  men  pour  in  from 
the  country,  confident  of  success,  and  ignorant  that 
these  men  are  the  exceptions  to  the  general  law  of 
trade  ;  and  that  ruin  and  not  success,  defeat  and  not 
fortune,  bankruptcy  and  not  a  fine  competence,  are 
the  law  of  New  York  trade. 

Nothing  is  more  striking  or  more  sad  than  the  com- 
mercial reverses  of  this  city.  They  come  like  tempests 
and  hail  storms  which  threaten  every  man's  plantation, 
and  cut  down  the  harvest  ready  for  the  sickle.  Few 
firms  haye  had  permanent  success  for  twenty-five 
years.  In  one  house  in  this  city  twenty  men  are  em- 
ployed as  salesmen  on  a  salary,  who,  ten  years  ago, 
were  called  princely  merchants,  whose  families  lived 
in  style,  and  who  led  the  fashions.  Men  who  embark 
on  the  treacherous  sea  of  mercantile  life  are  ingulfed, 
and  while  their  richly-laden  barks  go  down,  they 
escape  personally  by  the  masts  and  spars  thrown  to 
them  by  more  fortunate  adventurers.  One  house  in 
this  city,  quite  as  celebrated  at  one  time  as  Stewart's, 
who,  in  imitation  of  that  gentleman,  built  their  marble 
store  on  Broadway,  are  now  salesmen  in  establishments 
more  successful  than  their  own.  New  York  is  full  of 
reduced  merchants.  Some  of  them  bravely  bear  up 
under  their  reverses.  Some  hide  away  in  the  multitude 
of  our  people.  Some  take  rooms  in  tenant-houses. 
Some  do  a  little  brokerage  business,  given  to  them  by 
those  who  knew  them  in  better  days.  Some  take  to 
the  bottle,  and  add  moral  to  commercial  ruin. 

THE    SCHUYLER    FRAUD. 

One  of  the  most  successful  railroad  men  of  New  York 
boarded  at  one  of  our  principal  hotels.  He  was  an 
unmarried  man.     He  was  accounted  an  eminent  and 


THE  SCHUYLER  FRAUD.  1G9 

successful  financier.  His  reputation  and  standing  were 
unquestioned.  He  was  connected  with  the  principal 
capitalist  in  the  city,  and  was  one  whom  New  York 
delighted  to  honor.  In  a  small  house  in  the  upper 
part  of  the  city  lie  had  a  home.  Here  he  lived  a  part 
of  his  time,  and  reared  a  family,  though  the  mother  of 
his  children  was  not  Iris  wife.  Down  town,  at  his  hotel, 
he  passed  by  one  name,  up  town,  in  his  house,  he  was 
known  by  another.  It  would  seem  impossible  that  a 
prominent  business  man,  reputed  to  be  rich,  brought 
into  daily  business  contact  with  princely  merchants 
and  bankers,  the  head  of  a  large  railroad  interest  could 
reside  in  New  York,  and  for  a  number  of  years  lead 
the  double  life  of  a  bachelor  and  a  man  of  family ;  be 
known  by  one  name  down  town,  and  another  name  up 
town ;  yet  so  it  was.  At  his  hotel  and  at  his  office  he 
was  found  at  the  usual  hours.  To  his  up-town  home 
he  came  late  and  went  out  early.  There  he  was  seldom 
seen.  The  landlord,  the  butcher,  the  grocer,  and  the 
milkman  transacted  all  their  business  with  the  lady. 
Bills  were  promptly  paid,  and  no  questions  asked. 
The  little  girls  became  young  ladies.  They  went  to 
the  best  boarding-schools  in  the  land. 

An  unexpected  crisis  came.  A  clergyman  in  good 
standing  became  acquainted  with  one  of  the  daughters 
at  her  boarding-school.  He  regarded  her  with  so  much 
interest,  that  he  solicited  her  hand  in  marriage.  He 
was  referred  to  the  mother.  The  daughters  had  said 
that  their  father  was  a  wealthy  merchant  of  New 
York ;  but  his  name  did  not  appear  in  the  Directory, 
he  was  not  known  on  'change.  The  lover  only  knew 
the  name  by  which  the  daughters  were  called.     The 


170  THE  SCHUYLER  FRAUD. 

mother  was  affable,  but  embarrassed.  The  gentlema: 
thought  something  was  wrong,  and  insisted  on  a  per- 
sonal interview  with  the  father.  The  time  was  ap- 
pointed for  the  interview.  The  young  man  was  greatly 
astonished  to  discover  in  the  father  of  the  young  lady 
one  of  the  most  eminent  business  men  of  the  city.  He 
gave  his  consent  to  the  marriage,  and  promised  to  do 
well  by  the  daughter,  though  he  admitted  that  the 
mother  of  the  young  lady  was  not  his  wife.  The 
clergyman  was  greatly  attached  to  the  young  woman, 
who  was  really  beautiful  and  accomplished.  He  agreed 
to  lead  her  to  the  altar,  if,  at  the  same  time,  the  mer- 
chant would  make  the  mother  his  wife.  This  was 
agreed  to,  and  the  double  wedding  was  consummated 
the  same  night.  The  father  and  mother  were  first 
married,  and  then  the  father  gave  away  the  daughter. 
The  affair  created  a  ten  days'  sensation.  The  veil  of 
secrecy  was  removed.  The  family  took  the  down-town 
name,  which  was  the  real  one  —  a  name  among  the 
most  honored  in  the  city.  An  up-town  fashionable 
mansion  was  purchased,  and  fitted  up  in  style.  Crowds 
filled  the  spacious  parlors,  for  there  was  just  piquancy 
enough  in  the  case  to  make  it  attractive.  Splendid 
coaches  of  the  fashionable  filled  the  street ;  a  dashing 
company  crowded  the  pavement,  and  rushed  up  the 
steps  to  enjoy  the  sights.  These  brilliant  parties  con- 
tinued but  a  short  time.  The  merchant  was  rotten  at 
heart.  All  New  York  was  astounded  one  day  at  the 
report  that  the  great  railroad  king  had  become  a  gi- 
gantic defaulter,  and  had  absconded.  His  crash  carried 
down  fortunes  and  families  with  his  own.  Commercial 
circles  yet  suffer  for  his  crimes.     The  courts  are  still 


LODGINGS  IN  A   TENEMENT  nOT'SE.  171 

fretted  with  suits  between  great  corporations  and  indi- 
viduals growing  out  of  these  transactions.  Fashionable 
New  York,  which  could  overlook  twenty  years  of 
criminal  life,  could  not  excuse  poverty.  It  took  re- 
prisals for  bringing  this  family  into  social  position  by 
hurling  it  back  into  an  obscurity  from  which  probably 
it  will  never  emerge. 

LODGINGS    IN    A    TENEMENT    HOUSE. 

A  few  summers  ago  a  lady  of  New  York  reigned  as 
a  belle  at  Saratoga.  Her  elegant  and  numerous 
dresses,  valuable  diamonds,  and  dashing  turnout  at- 
tracted great  attention.  Her  husband  was  a  quiet  sort 
of  a  man,  attending  closely  to  his  business.  110*  came 
to  Saratoga  on  Saturdays,  and  returned  early  on  Mon- 
day morning.  The  lady  led  a  gay  life,  was  the  centre 
of  attraction,  patronized  the  plays,  and  was  eagerly 
sought  as  a  partner  at  the  balls.  After  a  very  brilliant 
and  gay  season  she  disappeared  from  fashionable  life, 
and  was  soon  forgotten.  One  cold  season  a  benevolent 
New  York  lady  visited  a  tenement-house  on  an  errand 
of  mercy.  Mistaking  the  door  to  which  she  was  di- 
rected, she  knocked  at  a  corresponding  one  on  another 
story.  The  door  was  opened  by  a  female,  who  looked 
on  the  visitor  for  an  instant,  and  then  suddenly  closed 
the  door.  The  lady  was  satisfied  that  she  had  seen 
the  woman  somewhere,  and  thinking  she  might  afford 
aid  to  a  needy  person,  she  persistently  knocked  at  the 
door  till  it  was  opened.  Judge  of  her  surprise  when 
she  found  that  the  occupant  of  that  room,  in  that  tene- 
ment-house, was  the  dashing  belle  whom  she  had  met 
a  season  or  two  before  at  the  Springs !    In  one  room 


172  LODGINGS  IN  A   TENEMENT  HOUSE. 

herself  and  husband  lived,  in  a  building  overrun  with 
occupants,  crowded  with  children,  dirt,  and  turbulence. 
Mortification  and  suffering,  blended  with  poverty,  in  a 
few  months  had  done  the  work  of  years  on  that  comely 
face.  Her  story  was  the  old  one  repeated  a  thousand 
times.  Reverses,  like  a  torrent,  suddenly  swept  away 
a  large  fortune.  Her  husband  became  discouraged, 
disconsolate,  and  refused  to  try  again.  He  lost  his 
self-respect,  took  to  the  bowl,  and  became  a  drunkard. 
The  wife  followed  him  step  by  step  in  his  descent,  from 
his  high  place  among  the  merchants  to  his  home 
among  the  dissolute.  To  furnish  herself  and  husband 
with  bread,  she  parted  with  her  dresses,  jewels,  and 
personal  effects.  She  pointed  to  a  heap  in  the  corner, 
covered  with  rags,  and  that  was  all  that  remained  of 
a  princely  merchant ! 

PERILS    OF    SPECULATION. 

The  speculating  mania  which  pervades  New  York  is 
one  of  the  rocks  in  the  channel  on  which  so  many 
strike  and  founder.  Shrewd,  enterprising  men,  who 
are  engaged  in  successful  business,  are  induced  to  make 
investments  in  stocks  and  operations  of  various  kinds, 
and  are  thus  at  the  mercy  of  sharpers.  Their  balance 
in  the  bank  is  well  known.  Speculators  lay  snares  for 
them,  and  catch  them  with  guile.  A  man  makes 
money  in  a  business  he  understands,  and  loses  it  in 
one  he  knows  nothing  about.  One  is  a  successful  mer- 
chant, and  he  imagines  he  can  be  a  successful  broker ; 
one  stands  at  the  head  of  the  bar,  and  he  thinks  he  can 
lead  the  Stock  Board.  He  is  a  broker ;  he  adds  to  it 
an  interest  in  railroads  or  steamboats.     Men  have  a 


PERILS  OF  SPECULATION.  173 

few  thousand  dollars  that  they  do  not  need  at  present 
in  their  business.  They  are  easily  enticed  into  a  little 
speculation  by  which  they  may  make  their  fortune. 
They  get  in  a  little  way,  and  to  save  what  they  have 
invested  they  advance  more.  They  continue  in  this 
course  until  their  outside  ventures  ruin  their  legitimate 
business.  Stock  companies,  patent  medicines,  patent 
machines,  oil  wells,  and  copper  stocks  have  carried 
down  thousands  of  reputed  millionnaires,  with  bankers, 
brokers,  and  dry  goods  men,  who  have  been  duped  by 
unprincipled  schemers.  Fortunes  made  by  tact,  dili- 
gence, and  shrewdness,  are  lost  by  an  insane  desire  to 
make  fifty  or  one  hundred  thousand  dollars  in  a  day. 
The  mania  for  gambling  in  trade  marks  much  of  the 
business  of  New  York.  The  stock  and  gold  gambling 
has  brought  to  the  surface  a  set  of  men  new  to  the 
city.  The  stock  business,  which  was  once  in  the  hands 
of  the  most  substantial  and  respectable  of  our  citizens, 
is  now  controlled  by  men  desperate  and  reckless.  Any 
man  who  can  command  fifty  dollars  becomes  a  broker. 
These  men  know  no  hours  and  no  laws.  Early  and 
late  they  are  on  the  ground.  No  gamesters  are  more 
desperate  or  more  suddenly  destroyed.  The  daily  re- 
verses in  Wall  Street  exceed  any  romance  that  has 
been  written.  A  millionnaire  leaves  his  palatial  resi- 
dence in  the  morning,  and  goes  home  at  night  a  ruined 
man.  It  is  a  common  thing  for  speculators  who  can 
atibrd  it,  to  draw  checks  of  from  fifty  to  one  hundred 
thousand  dollars  to  make  up  their  losses  in  a  single 
day. 

A  man  rides  up  to  Central  Park  one  afternoon  with  his 
dashing  equipage  ;  his  wife  and  proud  daughters  whirl 


174  PERILS  OF  SPECULATION. 

the  dust  in  the  eyes  of  well-to-do  citizens  who  are  on 
foot.  The  next  day  this  fine  team  and  elegant  man- 
sion, with  store  full  of  goods,  go  into  the  hands  of  his 
creditors.  He  sends  his  family  into  the  country,  and 
either  disappears  himself,  or  is  seen  on  the  outskirts  of 
the  crowd,  waiting  for  something  to  turn  up.  The 
reckless  mode  of  doing  business  leads  to  a  reckless 
style  of  living,  extravagance  and  dissipation,  which  no 
legitimate  business  can  support.  The  mania  touches 
all  classes.  Women  and  ministers  are  not  exempt. 
One  pastor  in  this  city  is  a  good  specimen  of  the  power 
of  this  speculating  mania.  The  demon  got  possession 
of  him.  He  made  a  little  money.  He  started  to  make 
five  thousand.  He  moved  the  figure  ahead  to  the 
little  sum  of  a  quarter  of  a  million.  The  business 
transformed  the  man.  His  face  became  haggard ;  his 
eyes  dilated ;  his  hair  dishevelled ;  he  could  not  sleep  ; 
he  bought  all  the  editions  of  the  papers  ;  got  up  nights 
to  buy  extras ;  chased  the  boys  round  the  corners  for 
the  latest  news ;  was  early  at  the  stock  market,  and 
among  the  last  to  leave  the  Fifth  Avenue  Hotel  at 
night  when  the  board  closes  its  late  session.  Whethei 
a  quarter  of  a  million  is  worth  what  it  costs,  this  gen- 
tleman can  tell  when  he  gets  it.  A  lady  in  this  city 
came  from  New  England.  She  was  the  child  of  a  sail- 
maker,  and  was  brought  up  in  humble  circumstances. 
A  wealthy  man,  whose  repute  was  not  high,  and  whose 
disposition  was  not  amiable,  offered  her  his  hand.  She 
did  not  expect  love,  nor  hardly  respect,  but  he  offered 
her  instead  a  coach,  an  elegant  mansion,  and  costly 
jewels.  She  found  herself  suddenly  elevated.  She 
lived  in  commanding  style,  with  her  furniture,  plate, 
and  servants.    She  bore  her  elevation  badly,  and  looked 


HONESTY  LEADS.  1  7  5 

down  with  scorn  upon  her  old  friends  and  associates. 
Her  husband  engaged  deeply  in  speculation  ;  it  proved 
a  ruinous  one.  To  help  himself  out  of  a  crisis  he  com- 
mitted forgery.  He  was  sent  to  the  State  Prison.  His 
great  establishment  was  seized.  Her  house  was  sold 
over  her  head  by  the  sheriff.  Her  jewels,  valued  at 
fifteen  thousand  dollars,  were  spirited  away,  and  she 
never  saw  them  more.  She  was  suddenly  elevated, 
and  as  suddenly  hurled  down  to  the  position  from 
which  she  had  been  taken. 

HONESTY    LEADS. 

The  men  who  are  the  capitalists  of  New  York  to- 
day are  not  the  sons  of  the  wealthy  or  successful  mer- 
chants of  the  city.  They  are  men  whose  fathers  were 
porters,  wrood-choppers,  and  coal-heavers.  They  did  the 
hard  work,  swept  out  the  stores,  made  the  fires,  used 
the  marking-pot,  were  kicked  and  cuffed  about,  and 
suffered  every  hardship.  But  they  jostled  and  outran 
the  pampered  son  of  their  employer,  and  carried  off  the 
prize.  The  chief  end  of  man  is  not  to  make  money. 
But  if  one  imagines  that  it  is,  and  that  a  fortune  must 
be  made  at  once,  then  he  will  barter  the  solid  ground 
for  the  mirage,  and  leave  a  successful  business  for  the 
glittering  morass ;  trade  that  insures  a  handsome  com- 
petence for  wTild  speculation.  The  hands  on  the  dial 
plate  of  industry  will  stand  still  while  men  grasp  at 
shadows. 

In  New  York,  two  kinds  of  business  greet  a  comer, 
one  bad,  the  other  good  ;  one  easy  to  get,  the  other 
hard  ;  the  one  pays  at  the  start,  the  other  pays  but 
little :  perhaps  the  position  itself  must  be  paid  for.     If 


176  HONESTY  LEADS. 

one  wants  money,  says  he  has  his  fortune  to  make  and 
cannot  wait,  he  will  take  what  turns  up,  and  wait  for 
better  times.  Disreputable  trade,  questionable  busi- 
ness, a  tricky  house,  a  saloon  or  a  bar-room,  are  open  to 
a  reputable  young  man,  and  if  he  have  a  dash  of  piety, 
all  the  better.  But  such  touch  pitch  and  are  defiled ; 
they  seldom  lose  the  taint  of  the  first  business  in 
which  they  are  engaged.  Men  can  be  good  or  bad  in 
any  trade.  They  can  be  sound  lawyers  or  pettifoggers  ; 
a  merchant  of  property  or  a  mock  auctioneer ;  a  physi- 
cian whose  skill  and  character  endear  him  to  the  best 
families  in  the  land,  or  a  doctor  whose  u  sands  -of  life 
have  almost  run  out ; "  a  preacher  who  says,  u  Woe  is 
me  if  I  preach  not  the  gospel,"  or  a  minister  who,  like 
some  in  the  olden  time,  said,  "  Put  me,  I  pray  thee, 
into  the  priests  office,  that  I  may  get  me  a  morsel  of 
bread."  There  is  no  permanent  success  without  in- 
tegrity, industry,  and  talent. 

In  trade  there  are  two  codes  that  govern  men.  The 
one  is  expressed  in  the  mottoes,  "  All  is  fair  in  trade ;" 
"Be  as  honest  as  the  times  will  allow;"  "If  you  buy 
the  devil,  you  must  sell  him  again."  The  other  acts  on 
business  principles;  sells  a  sound  horse  for  a  sound 
price;  gives  the  customer  the  exact  article  that  he 
buys.  The  few  houses  that  have  been  successful,  amid 
an  almost  universal  crash,  have  been  houses  which 
have  done  business  on  principle.  In  cases  where  honor- 
able tradesmen  have  been  obliged  to  suspend,  they  are 
Minister  of  Babylon.  Some  of  these  men  went  from  the 
store  to  compete  with  the  ablest  statesmen  of  the  world. 
Some  left  their  patients  on  a  sick  bed  to  measure  swords 
with  veteran  commanders  on  the  battle-field.     They 


HONESTY  LEADS.  177 

met  on  the  seas  naval  officers  of  highest  rank,  and  made 
them  haul  down  their  flags  to  the  new  banner  of  our 
nation.  They  sounded  out  freedom  in  the  Declaration 
of  Independence  ;  the  bugle-call  rang  over  hill  and 
dale,  crossed  oceans  and  continents,  into  dungeons,  and 
made  tyrants  tremble  in  their  palace  homes,  —  building 
a  nation  that  no  treason  could  ruin  and  no  foreign  foe 
destroy.  Like  the  Eddy  stone  lighthouse,  the  Union, 
sometimes  hid  for  a  moment  by  the  angry  surges,  still 
threw  its  steady  light  on  the  turbulent  wraters,  and 
guided  the  tempest-tossed  into  the  harbor  where  they 
would  be. 

These  Old  School  men  ate  not  a  bit  of  idle  bread. 
They  were  content  with  their  small  store  and  pine 
desk.  The}r  owned  their  goods,  and  were  their  own 
cashiers,  salesmen,  clerks,  and  porter.  They  worked 
sixteen  hours  a  day,  and  so  became  millionnaires.  They 
would  as  soon  have  committed  forgery  as  to  have  been^ 
mean  or  unjust  in  trade.  They  made  their  wealth  in 
business,  and  not  in  fraudulent  failure.  They  secured 
their  fortunes  out  of  their  customers,  and  not  out  of 
their  creditors.  Not  so  Young  America.  He  must 
make  a  dash.  He  begins  with  a  brown-stone  store, 
fdled  with  goods  for  which  he  has  paid  nothing ;  mar- 
ries a  dashing  belle ;  delegates  all  the  business  that  he 
can  to  others ;  lives  in  style,  and  spends  his  money 
before  he  gets  it;  keeps  his  fast  horse,  and  other 
appendages  equally  fast ;  is  much  at  the  club  room,  on 
the  sporting  track,  and  in  billiard  or  kindred  saloons; 
speaks  of  his  father  as  the  i:  old  governor,"  and  of  his 
mother  as  the  "old  woman  ;  "  and  finally  becomes  porter 
to  his  clerk,  and  lackey  to  his  salesman.  Beginning 
where  his  father  left  off,  he  leaves  off  where  his  father 
began.  12 


XI. 
JOHN  MORRISSEY. 

Begins  Business  in  New  York. — The  Polls. — Politicians  Want  Him. — 
Business  as  a  Gambler. — His  Influence. — Day  Gambling  Houses. — 
Their  Location. — Beyond  the  Grating. 

The  moral  status  of  business  in  New  York  can  be 
judged  from  the  fact  that  John  Morrissey,  who  has 
only  been  known  in  this  community  as  a  keeper  of 
one  of  the  lowest  dram  shops  in  the  city,  a  leading 
gambler,  and  owner  of  the  most  celebrated  hells  in 
New  York,  as  well  as  a  prize-fighter,  is  now  a  leading 
Wall  Street  speculator,  influential  and  commanding, 
a  member  of  Congress,  and  one  of  the  first  men  of 
the  street.  Though  his  business  is  unchanged,  any 
day  at  High  Change  Morrissey  can  be  seen  on  the 
street.  He  is  apparently  fifty  years  of  age,  large  and 
brawny  in  his  build,  and  with  a  face  that  bears  marks 
of  pugilistic  encounters.  He  dresses  usually  in  black, 
is  a  silent  man — says  but  little — but  is  very  potent  in 
his  influence  on  the  street. 

BEGINS  BUSINESS   IN   NEW   YORK. 

A  few  years  ago  John  Morrissey  was  a  resident  of 
Troy.  He  kept  a  small  drinking  saloon,  of  the  lowest 
character.     It  was  the  resort  of  the  low  prize-fighters, 


THE  POLLS.  179 

gamblers,  thieves,  and  dissolute  persons  of  all  degrees. 
So  low,  and  dissolute,  and  disreputable,  was  the  place, 
that  it  was  closed  by  the  authorities.  With  other  traits, 
Morrissey  blended  that  of  a  prize-fighter  of  the  lowest 
caste.  Drunken,  brutal,  without  friends  or  money,  bat- 
tered in  his  clothes  and  in  his  person,  he  drifted  down 
to  New  York  to  see  what  would  turn  up.  He  located 
himself  in  the  lowest  stews  of  New  York.  At  that 
time  the  elections  in  the  city  were  carried  by  brute 
force.  There  was  no  registry  law,  and  the  injunction 
of  politicians,  to  "vote  early  and  vote  often,"  was 
literally  obeyed.  Roughs,  Short-Boys,  brutal  represen- 
tatives of  the  Bloody  Sixth,  took  possession  of  the 
polls.  Respectable  men,  who  were  known  to  be  op- 
posed to  the  corruption  and  brutality  which  marked 
the  elections,  were  assaulted,  beaten,  robbed,  and  often 
had  their  coats  torn  from  their  backs.  The  police  were 
powerless  ;  often  they  were  allies  of  the  bullies,  and 
citizens  had  quite  as  much  to  fear  from  them  as  from 
the  rowdies.  If  the  election  was  likely  to  go  against 
them,  and  their  friends  presided  over  the  ballot-box, 
and  should  signal  the  danger,  a  rush  would  be  made 
by  twenty  or  thirty  desperate  fellows,  the  boxes  be 
seized  and  smashed,  tables  and  heads  broken,  the 
voters  dispersed,  and  the  election  carried  by  default. 

THE    POLLS. 

A  local  election  was  to  take  place  in  the  upper  part 
of  the  city.  The  friends  of  good  order  were  in  the 
majority,  if  allowed  to  vote.  But  it  was  known  that 
the  rowdies  would  come  in  force  and  control  the  elec- 


180  POLITICIANS  WANT  HIM. 

tion.  A  few  voters  got  together  to  see  what  could  be 
done,  and  among  them  the  present  General  Superin- 
tendent of  Police.  It  was  suggested  that  force  be  met 
with  force,  that  the  ballot-box  be  guarded,  and  the 
assailants  beaten  off  by  their  own  weapons.  But 
where  could  the  materials  be  found  to  grapple  with 
the  Plug  Uglies  and  their  associates?  Somebody  said 
that  Morrissey  was  in  town  ready  for  a  job,  and  that 
he  could  organize  a  force  and  guard  the  election. 

POLITICIANS   WANT    HIM. 

One  day  Mrs.  Kennedy  came  to  her  husband  as  he 
sat  in  his  room,  and  said  to  him,  u  There  is  an  awful- 
looking  man  at  the  door,  who  wants  to  see  you.  He 
is  dirty  and  ragged,  has  a  ferocious  look,  and  is  the 
most  terrible  fellow  I  ever  saw.  Don't  go  to  the  door; 
he  certainly  means  mischief."  "  Is  he  a  big,  burly- 
looking  fellow?"  "Yes."  "Broad-shouldered,  tall, 
with  his  nose  turned  one  side  ?  "  "  Yes,  yes,"  said  the 
impatient  lady.  "  0, 1  know  who  it  is ;  it  is  John  Mor- 
rissey ;  let  him  come  in."  "  0,  husband,  the  idea  of  your 
associating  with  such  men,  and  bringing  them  to  the 
house,  too  !  "  But  the  unwelcome  visitor  walked  into 
the  parlor.  Now,  John  Morrissey  at  Saratoga,  in  his 
white  flannel  suit,  huge  diamond  rings,  and  pin  con- 
taining brilliants  of  the  first  water,  and  of  immense, 
size  ;  tall  of  stature,  a  powerful-looking  fellow,  walking 
quietly  about  the  streets,  or  lounging  at  the  hotels,  but 
seldom  speaking,  is  not  a  bad-looking  man.  Seen  in 
New  York  in  his  clerical  black  suit,  a  little  too  flashy 
to  be  a  minister,  yet  among  bankers,  merchants,  or  at 
the  Stock  Board  he  would  pass  very  well  as  one  of  the 


POLITICIANS  WANT  HIM.  1S1 

solid  men  of  the  city.  But  Morrissey  as  he  appeare  I 
that  morning  was  an  entirely  different  person 
lie  had  come  from  a  long  debauch,  and  that  of  the 
lowest  kind.  He  was  bruised  and  banged  up.  His 
clothes  were  tattered.  The  Island  was  all  that  seemed 
to  be  opened  to  him.  With  him  a  bargain  was  made 
to  organize  a  force  of  fighters  and  bullies,  sufficient  to 
prevent  the  ballot-boxes  from  being  smashed,  and  the 
voters  from  being  driven  from  the  polls.  He  said  he 
could  do  it,  for  he  was  at  home  among  desperadoes. 
True  to  his  appointment,  he  was  at  the  polls  before 
they  were  open.  He  was  attended  by  about  thirty  as 
desperate  looking  fellows  as  ever  rode  in  a  wagon  or 
swung  from  Tyburn.  He  stationed  his  force,  gave  his 
orders,  told  each  not  to  strike  promiscuously,  but,  on 
the  first  appearance  of  disturbance,  each  to  seize  his 
man,  and  not  leave  him  till  his  head  was  broken. 
There  was  no  disturbance  till  twelve  o'clock.  The  late 
Captain  Carpenter  was  in  charge.  About  noon  a  huge 
lumber-van  drove  up,  drawn  by  four  horses.  It  was 
loaded  with  the  roughest  of  the  rough,  who  shouted 
and  yelled  as  the  vehicle  neared  the  curbstone.  Bill 
Poole,  at  that  time  so  notorious,  led  the  company. 
They  were  choice  specimens  of  the  men  who  then 
made  the  rulers  of  New  York.  Plug  Uglies,  Bummers, 
Roughs  of  the  Bloody  Sixth,  Short-Boys,  Fourth  Ward- 
ers, and  men  of  that  class,  were  fully  represented.  Bill 
Poole  sprang  to  the  sidewalk.  Captain  Carpenter 
stood  in  the  door.  Addressing  him,  Poole  said,  u  Cap., 
may  I  go  in  ? "  "  0,  yes ;  walk  in  and  welcome," 
Carpenter  said,  and  in  Poole  went.  He  saw  the  situa- 
tion at  a  glance.    He  measured  Morrissey  and  his  gang, 


182  BUSINESS  AS  A  GAMBLER. 

turned  on  his  heel,  and,  passing  out,  said,  "  Good  morn- 
ing, Cap.  ;  I  won't  give  you  a  call  to-day ;  drive  on 
boys ; "  and  on  they  went  to  some  polling-place  where 
they  could  play  their  desperate  game  without  having 
their  heads  broken. 

HIS    BUSINESS    AS   A    GAMBLER. 

This  was  Morrissey's  first  upward  step.  He  washed 
his  face ;  with  a  part  of  the  money  paid  him  he  bought 
a  suit  of  clothes,  and  with  the  balance  opened  a  small 
place  for  play.  He  became  thoroughly  temperate.  He 
resolved  to  secure  first-class  custom.  To  do  this  he 
knew  he  must  dress  well,  behave  well,  be  sober,  and 
not  gamble.  These  resolutions  he  carried  out.  His 
house  in  New  York  is  the  most  elegantly  furnished  of 
any  of  the  kind  in  the  state.  It  has  always  been  con- 
ducted on  principles  of  the  highest  honor,  as  gamblers 
understand  that  term.  His  table,  attendants,  cooking, 
and  company  are  exceeded  by  nothing  this  side  of  the 
Atlantic. 

He  followed  his  patrons  to  Saratoga,  and  opened 
there  what  was  called  a  Club-House.  Judges,  senators, 
merchants,  bankers,  millionnaires,  became  his  guests. 
The  disguise  was  soon  thrown  off,  and  the  club-house 
assumed  the  form  of  a  first-class  gambling-house  at  the 
Springs. 

HIS   INFLUENCE. 

Morrissey  is  a  type  of  the  men  who  have  done  so 
much  to  debauch  the  morals  of  trade  in  New  York 
and  in  the  country.  His  two  characters,  that  of  a 
great  stock  operator   and  the  keeper  of  the  largest 


DAY  GAMBLING  H0US1  S  1S3 

-ambling  houses  in  the  State,  harmonize.  lie  drinks 
nothing,  maintains  a  fair  exterior,  and  it  is  said  that 
he  does  not  play  himself.  This  very  sobriety  and 
decency  give  him  great  influence  over  the  young  who 
are  enticed  to  his  house.  The  first  year  he  appeared 
in  Saratoga  he  changed  the  entire  social  and  fashion- 
able aspect  of  the  Springs.  His  Club  House  did  its 
work  the  first  season.  He  hired  the  Race  Course, 
and  called  sporting  men  from  every  section  of  the 
country.  The  posters  in  and  around  the  porticoes  of 
the  great  hotels  announcing  the  losses  of  watches, 
diamonds,  and  money,  tell  the  initiated  how  the  green 
tables  swallow  up  fortunes  in  an  hour.  Men  who 
gamble  in  stocks  do  not  find  employment  enough  for 
their  heated  braius,  and  Morrissey  and  his  friends 
have  furnished  pastimes  for  those  who  are  ruined  in 
the  street. 

DAY    GAMBLING    HOUSES. 

There  is  a  class  of  speculators  who  are  not  content 
with  legitimate  business  nor  legitimate  hours.  The  up- 
town hotels  are  crowded  with  them.  Rooms  are  oc- 
cupied, halls  rented,  and  the  day  excitement  at  Wall 
Street  is  renewed  in  the  evening,  and  often  runs  up  to 
the  small  hours  of  the  morning.  The  same  spirit  led  to 
the  opening  of  day  gambling-houses.  These  are  con- 
veniently located  to  business.  They  run  from  Fulton 
Street  to  Wall,  are  found  at  a  convenient  distance  from 
Broadway  and  Water  Street.  They  are  designed  to 
attract  merchants,  bankers,  young  men,  and  visitors 
from  the  country.  They  have  ropers-in,  as  have  the 
night  gambling-saloons.  These  decoys  have  a  percent- 
age taken  from  the  winnings  of  their  customers.    Every 


184  THEIR  LOCATION. 

man  they  can  seduce  to  enter  one  of  these  establish- 
ments, if  he  lose  money,  is  a  gain  to  the  decoy.  These 
sharpers  hang  round  the  street,  loaf  on  the  curbstone, 
dog  their  victims  from  store  to  store,  proffer  them  aid, 
go  with  them  blocks  to  show  them  the  way,  help  thera 
to  make  purchases,  propose  to  show  them  sights,  and  at 
length,  as  if  accidentally,  lead  them  into  a  day  gambling- 
saloon,  which  is  situated  very  conveniently  for  the  pur- 
pose. In  these  dens,  men  who  have  lost  in  stocks  on 
the  street  try  to  make  gains.  Missing  bonds  here  turn 
up,  missing  securities  are  here  found,  pledged  by  con- 
fidential clerks,  who,  until  now,  were  supposed  to  be 
trustworthy.  Young  men  who  are  robbed  in  the  street, 
from  whose  hands  funds  are  snatched,  from  whose  pos- 
session a  well-stuffed  pocket-book  has  been  taken,  find 
the  thief  usually  within  the  silent  walls  of  a  day  gam- 
bling-house. 

THEIR   LOCATION. 

The  place  selected  for  one  of  these  saloons  is  in  the 
busiest  and  most  frequented  parts  of  lower  New  York. 
A  store  let  in  floors  is  usually  selected.  A  large  build- 
ing full  of  offices,  with  a  common  stairway,  up  and  down 
which  people  are  rushing  all  the  time,  is  preferred ;  or 
the  loft  of  a  warehouse,  if  nothing  better  can  be  had,  is 
taken.  A  sealed  partition  runs  from  the  floor  to  the 
wall.  The  windows  are  barred  with  wooden  shutters, 
and  covered  with  heavy  curtains.  The  rooms  are 
handsomely  carpeted,  and  gayly  adorned.  Lounges 
and  chairs  line  the  sides  of  the  room,  and  the  inevi- 
table roulette  and  faro  tables  stand  in  their  place.  The 
padded  cushion  on  which  the  cards  rest  tells  the  em- 


BEYOND   THE   C RATING.  185 

ployment  of  the  room.  The  outside  door  is  flush  with 
the  partition.  A  party  desiring  to  enter  pulls  the  bell, 
and  the  door  open's  without  any  apparent  agency,  and 
closes  suddenly  on  the  comer.  The  hardened  gambler 
walks  in  as  he  would  into  a  bar-room  or  an  omnibus, 
regardless  of  observation.  But  the  young  man  who  is 
new  to  the  business,  who  has  come  justly  or  unjustly 
by  a  bill,  who  has  been  sent  on  an  errand  and  must 
make  up  a  falsehood  to  account  for  his  detention,  or 
who  is  sent  from  the  bank  to  the  Clearing  House,  or 
from  the  Clearing  House  to  the  Custom  House,  and 
who  runs  in  to  try  his  luck  for  a  few  minutes,  or  for 
thirty,  can  be  easily  detected.  He  pauses  below ;  goes 
a  story  above ;  looks  up  and  down  before  he  pulls  the 
bell;  faintly  draws  the  wire,  and  darts  in  like  a  startled 
fawn.  Not  without  observation  and  scrutiny  does  the 
customer  get  into  the  saloon.  The  outside  door  admits 
him  into  a  small  vestibule.  The  door  behind  him  is  closed, 
and  he  cannot  open  it.  The  bell  has  announced  his 
presence.  He  is  scrutinized  through  a  small  wicket 
opening  in  the  wall.  He  must  in  some  way  be  vouched 
for.  If  he  comes  through  invitation  of  a  roper-in  he 
has  a  card.  If  all  is  right  he  is  admitted.  The  dark- 
ness  of  niirht  fdls  the  room.  The  gas  is  lighted.  The 
silence  of  a  sepulchre  reigns  in  the  chamber.  Persons 
sit,  lounge,  and  stand  in  groups ;  they  watch  the  table, 
but  not  a  word  is  spoken  except  the  monotonous  utter- 
ances of  the  men  who  have  charge  of  the  gaming. 

BEYOND    THE    GRATING. 

Seated  at  the  table  to  deal  the   cards  sits  a  man 
apparently  between  forty  and  fifty  years  of  age.    These 


186  BEYOND  THE   GRATING. 

men  -all  seem  of  the  same  age  and  of  the  same  tribe. 
They  are  usually  short,  thick  set,  square  built,  pugilistic 
fellows,  half  bald,  with  mahogany  faces  — -  men  without 
nerve,  emotion,  or  sensibility.  They  sit  apparently  all 
day  long  pursuing  their  monotonous  and  deadly  trade, 
making  no  inquiry  about  their  victims,  caring  nothing 
about  their  losses,  unmoved  by  the  shriek  of  anguish,  the 
cry  of  remorse,  the  outburst,  "  0,  I  am  undone  !  I  am 
ruined  !  What  will  my  mother  say  ?  What  will  be- 
come of  my  wife  and  children  ?  "  While  the  wounded 
are  removed,  and  their  outcries  hushed,  the  play  goes 
on.  These  rooms  are  distinguished  by  their  silence  and 
quiet  tread  inside.  They  open  about  nine  in  the  morn- 
ing, and  close  at  four,  when  the  tide  begins  to  turn  up 
town.  The  amount  of  misery  these  day  gambling- 
houses  create,  the  loss  of  money,  character,  and  stand- 
ing, exceeds  all  belief.  The  men  who  carry  on  this 
class  of  gambling  down  town  are  connected  with  the 
low  class  up  town,  and  when  the  day  gambling-houses 
close,  those  that  run  in  the  night  are  opened.  The 
losses  are  often  very  heavy.  Men  enticed  into  these 
dens  have  been  known  to  lose  from  twelve  to  fifty 
thousand  dollars  a  night.  There  is  no  seduction  in 
New  York  more  subtle  or  more  deadly  than  the  day 
gambling-houses.  


XII. 
STEWART,  THE  PRINCELY  MERCHANT. 

THE     DOWN-TOWN    STORE. — EARLY    C  A  BEER. — SENSATIONAL     ADVERTISING. — 
HOW     STEWART    DOES     BUSINESS. — HOSIERY. — STEWART    AT     II I  ^    WORK. — 

RUNNING     THE     GAUNTLET  — THE     AUTOCRAT. — A    NAPOLEON     IN    TRADE. 

SHREWD    INVESTMENTS. — PERSONAL   OF    STEWART. 

Few  men  have  more  to  do  with  Wall  Street,  or  are 
more  affected  by  its  operations  than  Alexander  T. 
Stewart.  He  has  his  own  style  of  doing  things,  and 
"corners"  goods,  sells  "short,"  "loads  the  market," 
"buys  long,"  and  carries  on  trade  in  the  Wall  Street 
style.  He  began  on  the  lowest  round  of  the  ladder  in 
business.  He  started  with  a  fixed  resolution  of  being 
the  first  merchant  in  the  land.  Steadily,  patiently,  per- 
sistently, he  pursued  the  end  he  had  in  view.  Few 
merchants  in  New  York  commenced  business  in  as 
humble  a  style.  His  rules  of  trade  were  peculiar. 
From  them  he  has  never  departed.  He  has  always 
given  special  attention  to  small  traders — the  buyers 
of  needles,  pins,  thimbles,  and  tape.  The  custom  of 
the  humbler  classes  was  especially  sought.  In  the  lower 
orders  he  had  unbounded  confidence.  When  he  at- 
tended personally  to  his  own  sales,  he  treated  the 
small  buyers  with  special  consideration.     They  were 

(187) 


188  THE  DO  WN  TO  WN  STORE. 

attended  to  first — prices  were  made  reasonable  that 
they  might  return  and  bring  friends  with  them.  All 
such  customers  were  sure  of  getting  a  good  article  and 
carrying  home  the  exact  thing  they  bought.  Mr. 
Stewart  said  that  wholesale  customers  would  buy  where 
they  could  buy  the  best.  To  secure  their  custom  a 
merchant  had  only  to  undersell  his  neighbors.  A  case 
of  goods  opened  and  exhibited  with  the  price  was  all 
that  was  necessary ;  but  whoever  secured  the  retail 
trade  of  New  York  secured  a  fortune,  and  it  must  be 
attended  to. 

THE   DOWN   TOWN   STORE. 

To  the  few  friends  who  enjoy  his  personal  confidence, 
Mr.  Stewart  will  tell  the  trials  he  endured  in  connec- 
tion with  the  opening  of  his  store  on  Chambers  Street. 
He  was  then  comparatively  unknown.  The  mercantile 
community,  and  sensible  men  generally,  looked  upon 
his  investment  as  an  insane  act.  He  paid  an  enormous 
price  for  the  lots,  and  the  outlay  would  eventually 
swamp  him.  Putting  so  much  capital  into  his  store 
and  building  it  of  white  marble,  would  shake  his  credit. 
A  man  doing  business  in  such  an  extravagant  style, 
could  expect  little  from  the  street.  Then  the  building 
was  on  the  wrong  side  of  Broadway,  and  customers 
would  not  cross  the  street  to  trade  with  any  one.  The 
opening  was  announced.  The  day  before,  Mr.  Stewart 
rode  to  his  home  in  Bleeker  Street  in  the  stage.  No 
one  knew  him,  and  he  had  the  benefit  of  the  general 
talk.  The  opening  of  the  marble  palace,  as  it  was 
called,  the  next  day,  was  the  theme  of  general  remark. 
Some  were  friendly  to  him,  and  some  were  not.  All 
concurred  that  the  store  was  on  the  wrong  side  of  the 


THE  DOWN  TOWN  STORE.  ISO 

street.  Custom  was  out  of  the  question.  The  huge 
pile  would  be  known  as  Stewart's  folly — "It  will  hurt 

him,"  said  one — u to-morrow  will  fetch  him,"  said  an- 
other. UI  am  sorry  for  him,"  said  a  third.  "Fool  and 
his  money,"  etc.,  remarked  a  fourth.  Mr.  Stewart  sat 
silently  anxious  in  a  corner  of  the  stage  and  said  noth- 
ing. 

The  arrangements  for  the  opening  were  completed 
with  that  system  which  have  marked  Stewart's  busi- 
ness arrangements  from  the  start.  His  clerks  were 
put  in  full  dress.  Those  who  had  not  decent  suits 
were  furnished  by  the  master  of  the  situation.  He 
would  draw  customers  across  the  street,  he  said,  if 
he  hired  twenty-five  negroes  in  livery,  to  carry  them 
over  in  sedan  chairs.  Early  in  the  morning  of  the 
opening  day,  Stewart  arose  and  drew  up  the  shades. 
The  morning  was  dark,  the  whole  aspect  of  things 
gloomy  and  forbidding,  and  the  rain  sullenly  and 
steadily  fell  from  the  clouds.  Stewart  drew  down  the 
curtains,  went  to  another  part  of  the  room  and  had 
a  hearty  cry  over  the  prospect — a  remedy  he  often  re- 
sorts to  in  trouble.  He  dressed,  resolved  to  meet  the 
occasion  like  a  man.  Ready  for  his  breakfast,  as  he 
was  about  to  descend  he  thought  he  would  take  one 
peep  more  at  the  weather.  To  his  surprise  and  joy 
the  rain  had  ceased,  the  clouds  were  breaking  in  every 
direction,  and  the  prospect  of  a  magnificent  day  opened 
before  him.  He  accepted  it  as  an  augury  of  success. 
In  a  genial  sunshine  he  reached  his  store.  ■  Crowds 
surged  round  the  building,  waiting  for  admission. 
The  people  rushed  in  and  filled  it,  as  water  let  in  from 
the  main,  fills  the  reservoir. 


190  EARLY  CAREER. 


EARLY    CAREER. 

Mr.  Stewart  was  born  in  the  north  of  Ireland.     In 
the  little  town  of  Lisburn  a  few  miles  from  Belfast, 
Stewart,  with  Bonner,  Agnew,  the  Brown  brothers,  and 
other  distinguished  New  Yorkers,  first  saw  the  light  of 
day.  To  two  pious  Scotch  women  he  owes  his  education. 
He  was  designed  for  the  ministry,  and  amid  the  tur- 
moil and  labor  of  his  immense  trade,  he  finds  oppor- 
tunity to  read  his  favorite  classics.     If  not  in  the  min- 
istry, he  anticipated  the  calling  of  a  teacher  as  his  pro- 
fession.       He  set  up  store  in  a  small  room  nearly  op- 
posite  his   present    down-town    establishment.        His 
shop  was  a  little  affair,  only  twelve  feet  front.       It 
was    separated  from    its   neighbor   by   a    thin   parti- 
tion, through  which  all  conversation  could  be  heard. 
The    store    stood   on   what    is    now    known    as    262 
Broadway.     He  tended  shop  from  fourteen  to  eigh- 
teen   hours  a  day.       He  was    his    own  errand   boy, 
porter,  book-keeper,  and  salesman.     He  kept  house  in 
the  humblest  style.     He  lived  over  his  store  ;  and  for 
a  time    one   room   served    as   kitchen,  bed-room,   and 
parlor.     His  bed  was  hidden  from  view,  being  enclosed 
within  a  chest  or  bureau.     As  Mr.  Stewart  attended  to 
the  store,  so  Mrs.  Stewart  attended  to  the  work  of  the 
house.     The  increase  of  business  demanded  assistants. 
These  he    boarded,  and   to  accommodate  them  more 
room  was  required.     So  he  added  to  his  single  room. 
He  afterwards  kept   house   in   chambers   on   Hudson 
Street,  his  income  not  warranting  the  taking  of  a  whole 
house.     His   style    of   living   was   very   plain   in   his 
furniture  and  table.     Hardly  a  laborer  among  us  to-day 
would  live  as  plainly  as  Mr.  Stewart  lived  when  he 


SENSATIONAL  ADVERTISING.  191 

began  his  public  career.     But  Mr.  Stewart  always  lived 
within  his  income,  whatever  that  income  was. 

SENSATIONAL     ADVERTISING. 

Mr.  Stewart  began  business  when  merchants  relied 
upon  themselves.  It  was  not  easy  to  obtain  credit. 
Banks  wTere  few  and  cautious.  Bankruptcy  was 
regarded  as  a  disgrace  and  a  crime.  Traders  made 
money  out  of  their  customers,  and  not  out  of  their 
creditors.  To  an  accident,  which  would  have  swamped 
most  men,  Mr.  Stewart  is  indebted  for  his  peculiar  style 
of  business  and  his  colossal  fortune.  While  doing 
business  in  his  little  store,  a  note  became  due,  which  he 
was  unable  to  pay.  A  shopkeeper,  with  a  miscellaneous 
stock  of  goods,  not  very  valuable,  in  a  store  twelve  feet 
front,  had  little  to  hope  from  the  banks.  His  friends 
were  short.  He  resolved  not  to  be  dishonored.  He 
met  the  crisis  boldly.  His  indomitable  will,  shrewd- 
ness, and  energy  came  out.  He  resolved  not  only  to 
protect  his  note,  but  protect  himself  from  being  again 
in  such  a  position.  He  marked  every  article  in  his 
store  down  below  the  wholesale  price.  lie  flooded  the 
city  with  hand-bills,  originating  the  selling-off-at-cost 
style  of  advertising.  He  threw  his  handbills  by  thou- 
sands into  the  houses,  basements,  stores,  steamboats, 
and  hotels  of  the  city.  He  told  his  story  to  the  public  ; 
what  he  had,  and  what  he  proposed  to  sell.  He 
promised  them  not  only  bargains,  but  that  every  article 
would  be  found  just  what  it  was  guaranteed  to  be. 
He  took  New  York  by  storm.  He  created  a  furore 
among  housekeepers.  The  little  shop  was  crowded 
with  suspicious  and  half-believing  persons  in  search  of 


192        BOW  STEWART  DOES  BUSINESS.— HOSIERY. 

bargains.  Mr.  Stewart  presided  in  person.  He  said 
but  little,  offered  his  goods,  and  took  the  cash  To  all 
attempts  to  beat  him  down,  he  quietly  pointed  to  the 
plainly-written  price  on  each  package.  He  had  hardly 
time  to  eat  or  sleep.  His  name  became  a  household 
word  on  every  lip.  Persons  bought  the  goods,  went 
home,  and  examined  them.  They  found  not  only  that 
they  had  not  been  cheated,  but  had  really  got  bargains. 
They  spread  the  news  from  house  to  house.  Excited 
New  York  filled  Mr.  Stewart's  shop,  and  crowded  the 
pavement  in  front.  Long  before  the  time  named  in 
the  handbill  for  stopping  the  sale,  the  whole  store  was 
cleaned  out,  and  every  article  sold  for  cash.  The 
troublesome  note  was  paid,  and  a  handsome  balance  left 
over.  Mr.  Stewart  resolved  to  purchase  no  more  on 
credit.  The  market  was  dull,  cash  scarce,  and  he  was 
enabled  to  fill  up  his  store  with  a  choice  stock  of  goods 
at  a  small  price.  In  that  little  shanty  on  Broadway  he 
laid  the  solid  foundation  of  that  colossal  fortune  which 
towers  to  the  height  of  thirty  millions. 

HOW   STEWART    DOES    BUSINESS. 

Though  Mr.  Stewart  sells  goods  on  credit,  as  do  other 
merchants,  he  buys  solely  for  cash.  If  he  takes  a  note, 
instead  of  getting  it  discounted  at  a  bank,  he  throws  it 
into  a  safe,  and  lets  it  mature.  It  does  not  enter  into 
his  business,  and  the  non-payment  of  it  does  not  disturb 
him.  He  selects  the  style  of  carpet  he  wants,  buys 
every  yard  made  by  the  manufacturer,  and  pays  the 
cash.  He  monopolizes  high-priced  laces,  silks,  costly 
goods,  furs,  and  gloves,  and  compels  the  fashionable 
world   to  pay  him  tribute.     Whether  he  sells  a  first- 


RUNNING  TEE  GAUNTLET.  193 

rate  or  a  fourth-rate  article,  the  customer  gets  what  he 
bargains  for.  A  lady  on  a  journey,  who  passes  a  couple 
of  clays  in  the  city,  can  find  every  article  that  she 
wants  for  her  wardrobe  at  a  reasonable  price.  She  can 
have  the  goods  made  up  in  any  style,  and  sent  to  her 
hotel  at  a  given  hour,  for  the  opera,  a  ball,  or  for  travel. 
Mr.  Stewart  will  take  a  contract  for  the  complete  outfit 
of  a  steamship  or  steamboat,  like  the  Europa  or  the  St. 
John,  furnish  the  carpets,  mirrors,  chandelier,  china, 
silver  ware,  cutlery,  mattresses,  linen,  blankets,  napkins, 
with  every  article  needed,  in  any  style  demanded.  He 
can  defy  competition.  He  buys  from  the  manufactories 
at  the  lowest  cash  price.  He  presents  the  original  bills,, 
charging  only  a  small  commission.  The  parties  have  no 
trouble,  the  articles  are  of  the  first  class,  they  save 
from  ten  to  twenty  per  cent.,  and  the  small  commission 
pays  Stewart  handsomely.  He  furnishes  hotels  and 
churches  in  the  same  manner.  He  could  supply  the 
army  and  navy  as  easily  as  he  could  fit  out  a 
steamship. 

HOSIERY. 

The  late  William  Beecher  told  me  that  Mr.  Stewart 
bought  many  goods  of  him  when  he  first  set  up  for 
himself.  One  day  Mr.  Stewart  came  into  his  store,  and 
said  to  him,  privately,  "  Mr.  Beecher,  a  lady  came  into 
my  store  to-day  and  asked  me  to  show  her  some  hose. 
I  did  not  know  what  the  goods  were,  and  I  told  her  I 
did  not  keep  the  article.  What  did  she  want?  "  Mr. 
Beecher  pointed  to  a  box  of  stockings  that  stood  before 
them.  The  young  tradesman  looked,  laughed,  and 
departed. 

13 


194  RUNNING  THE  GAUNTLET. 


STEWART    AT    HIS    WORK. 

He  attends  personally  to  his  own  business.  His 
office  is  a  small  room  in  his  down-town  store.  No 
merchant  in  New  York  spends  as  many  hours  at  his 
business  as  Mr.  Stewart.  He  is  down  early,  and 
remains  late.  Men  who  pass  through  Broadway  during 
the  small  hours  of  the  night  may  see  the  light  burning 
brightly  from  the  working-room  of  the  marble  palace. 
He  remains  till  the  day's  work  is  closed,  and  everything 
is  squared  up.  He  knows  what  is  in  the  store,  and  not 
a  package  escapes  his  eye.  He  sells  readily  without 
consulting  book,  invoice,  or  salesman.  He  has  partners, 
but  they  are  partners  only  in  the  profits.  He  can  buy 
and  sell  as  he  will.  He  holds  the  absolute  manage- 
ment of  the  concern  in  his  own  hands.  His  office  is 
on  the  second  story,  and  separated  from  the  sales-room 
by  a  glass  partition  which  goes  half  way  to  the  ceiling, 
Here  he  is  usually  to  be  found.  Else  he  is  walking 
about  the  store,  with  a  quiet  tread,  as  if  his  foot  was 
clothed  with  velvet,  —  up  stairs  and  down  stairs,  all 
around,  with  a  keen,  quick,  vigilant  eye,  searching  in 
all  places  and  all  departments,  taking  in  everybody 
and  everything  as  he  passes. 

RUNNING    THE    GAUNTLET. 

It  is  difficult  to  gain  access  to  the  princely  merchant. 
Any  man  who  has  run  the  gauntlet  once  will  not  be 
fond  of  repeating  the  experiment.  On  entering  the 
main  door,  a  gentleman  stands  guard,  who  says,  a  What 
is  your  business,  sir  ?  "  You  reply,  "  I  wish  to  see  Mr. 
Stewart."  "  Mr.  Stewart  is  busy ;  what  do  you  wTant  ?  " 
u  I  wish  to  see   him   personally,  on   private   business." 


AN  AUT  WRAT.—A  NAPOLEON  IX  TRADE.  195 

li  Mr.  Stewart  has  no  private  business.  You  cannot 
see  him  unless  you  tell  me  what  you  want."  If  the 
guard  is  satisfied,  you  are  allowed  to  go  up  stairs. 
Here  you  are  met  by  sentinel  No.  2, —  a  large,  full-faced, 
bland-looking  gentleman,  —  who  is  Mr.  Stewart's  con- 
fidential agent,  though  at  one  time  one  of  the  judges 
of  our  courts.  He  examines  and  cross-examines  you. 
If  he  cannot  stave  you  off,  he  disappears  into  the 
office,  and  reports  your  case  to  his  chief.  Probably 
Mr.  Stewart  will  peer  at  you  through  the  plate  glass. 
If  he  does  not  consider  you  of  consequence  enough  to 
invite  you  in,  he  turns  away,  shrugging  his  shoulders, 
and  sends  a  snappish  refusal  by  the  guard.  If 
otherwise,  you  enter,  and  face  the  lion  in  his  den.  His 
whole  manner  is  hard  and  repulsive.  He  is  of  the  average 
height,  slim,  with  a  decided  Hibernian  face;  sandy  hair, 
nearly  red ;  sharp,  cold,  avaricious  features;  a  clear,  cold 
eye;  a  face  furrowed  with  thought,  care,  and  success;  a 
voice  harsh  and  unfriendly  in  its  most  mellow  tones. 
He  could  easily  be  taken  for  his  book-keeper  or  porter. 
He  meets  you  with  the  air  of  a  man  who  is  impatient 
from  interruption ;  who  wishes  you  to  say  your  say  and 
be  gone.  He  lives  wholly  by  himself.  His  wife  has 
borne  him  no  children ;  he  has  probably  not  a  bosom 
friend  in  the  world.  Some  men  find  their  pleasure  in 
dress,  in  dissipation,  in  drinking,  in  amusements,  in 
travel,  in  parties,  theatres,  operas.  Stewart  finds  his  in 
hard  work.  Business  is  his  idol,  his  pleasure,  his  profit. 
He  revels  in  it.  Approaching  his  eightieth  year,  he  is 
indomitable,  persevering,  and  enterprising  as  when  he 
commenced  trade. 


196  SERE  WD  INVESTMENTS. 


AN    AUTOCRAT. 

He  is  a  hard  master,  and  his  store  is  ruled  by  des- 
potic law.  His  rules  are  inexorable,  and  must  be  obeyed. 
His  store  is  regarded  as  the  hospital  for  decayed 
merchants.  Nearly  every  prominent  man  in  his  whole- 
sale store  has  been  in  business  for  himself,  and  failed. 
All  the  better  for  Mr.  Stewart.  Such  a  man  has  a 
circle  of  acquaintances,  and  can  influence  trade.  If  he 
failed  without  dishonor,  he  is  sure  of  a  position  in  Mr. 
Stewart's  store.  No  factory  is  run  with  more  exactness. 
No  package  enters  or  leaves  the  store  without  a  ticket. 
On  one  occasion  Mr.  Stewart  himself  left  directions  to 
have  a  shawl  sent  up  to  his  house,  which  Mrs.  Stewart 
was  to  wear  at  a  soiree.  He  forgot  to  place  a  ticket 
upon  the  package,  and  to  the  imperious  law  of  the  store 
the  shawl  had  to  yield.  He  regards  his  employees  as 
cogs  in  the  complicated  machinery  of  his  establishment. 
A  New  York  fireman  is  quite  as  tender  of  his  machine. 
The  men  are  numbered  and  timed.  There  is  a  penalty 
attached  to  all  delinquencies.  It  takes  all  a  man  can 
earn  for  the  first  month  or  so  to  pay  his  fines.  He  is 
fined  if  he  exceeds  the  few  minutes  allotted  to  dinner. 
He  is  fined  if  he  eats  on  the  premises.  He  is  fined  if 
he  sits  during  business  hours.  He  is  fined  if  he  comes 
late  or  goes  early.  He  is  fined  if  he  misdirects  a 
bundle.  He  is  fined  if  he  mistakes  a  street  or  number. 
He  is  fined  if  he  miscounts  the  money,  or  gives  the 
wrong  change. 

A   NAPOLEON    IN    TRADE. 

He  has  always  kept  in  advance  of  the  age.     During 


SIIRE WD  INVESTMENTS.  197 

the  last  twenty  years  lie  has  ruined  himself,  in  the 
estimation  of  his  friends,  a  hundred  times.  He  bought 
the  site  for  his  down-town  store  against  their  most 
earnest  expostulations.  It  was  too  far  up  town.  It  was 
on  the  shilling  side  of  Broadway.  No  man  could  do  a 
successful  business  there.  The  price  paid  was  exorbi- 
tant. The  proposed  mammoth  store  would  be  the 
laughing-stock  of  the  age,  and  wrould  be  known  as 
"Stewart's  Folly."  As  usual,  he  relied  on  his  own 
judgment.  He  believed  the  investment  to  be  a  good 
one.  He  told  his  friends  that  it  would  be  the  centre 
of  trade ;  that  on  the  dollar  side  or  on  the  shilling  side 
of  the  street  he  intended  to  create  a  business  that 
would  compel  New  York  and  all  the  region  round  to 
trade  with  him.  He  is  not  a  liberal  man,  but  his  do- 
nations to  public  objects  are  princely.  Tax-gatherers, 
national,  state,  and  county,  say  that  no  man  pays  his 
assessments  more  fairly  or  more  cheerfully.  If  he  is 
hard,  he  is  just.  He  keeps  his  contracts,  pays  what  is 
nominated  in  the  bond,  and  no  more. 

SHREWD    INVESTMENTS. 

He  is  a  shrewd  buyer  of  real  estate.  He  has  pur- 
chased more  churches  than  any  man  in  the  city.  He 
buys  when  the  church  is  crippled,  and  gets  a  bargain 
both  in  price  and  location.  His  stable  on  Amity 
Street  was  for  many  years  the  celebrated  Baptist 
church  where  Dr.  Williams  officiated.  The  Dutch 
church  on  Ninth  Street  wanted  a  purchaser.  Several 
appeals  were  made  to  Mr.  Stewart,  He  had  bought 
odd  lots  in  that  neighborhood.  When  the  purchase  of 
the  church  was  complete,  it  was  found  that  he  had  the 


198  PERSONAL  OF  STEWART. 

lease  of  the  entire  block,  and  on  it  his  mammoth  up-town 
store  now  stands.  Lafayette  Place,  once  a  fashionable 
locality,  was  occupied  by  saloons,  restaurants,  gambling- 
houses,  and  houses  for  boarding.  Governor  Morgan  had 
a  residence  there  which  he  wanted  to  get  rid  of. 
Stewart  took  compassion  on  him,  and  bought  the  place. 
Persons  wondered  what  Stewart  wanted  of  that  great 
house,  in  that  out-of-the-way  spot.  Shortly  after,  Dr. 
Osgood's  church  was  for  sale,  on  Broadway.  After  it 
had  been  in  the  market  a  long  time,  Stewart  became 
the  purchaser.  It  was  found  that  the  church  lot  joined 
t,he  Lafayette  Place  lot,  making  a  magnificent  site, 
running  from  street  to  street,  for  a  huge  store. 

The  leading  desire  of  fashionable  New  York  is  to 
get  a  double  house  or  a  double  lot  on  Fifth  Avenue. 
Such  accommodations  are  rare,  and  fabulous  prices  are 
paid  for  land  or  dwelling.  On  the  corner  of  Fifth 
Avenue  and  Thirty-fourth  Street  stood  a  famous  house, 
occupying,  with  the  garden,  three  lots  of  land.  It  was 
built  by  a  successful  sarsaparilla  man.  It  was  the 
largest  in  New  York,  built  of  brown  stone,  as  gorgeous 
and  inconvenient  as  an  Eastern  pagoda.  It  cost  fabu- 
lous sums.  It  was  large  enough  for  a  hotel,  and  showy 
enough  for  a  prince.  It  was  burnished  with  gold  and 
silver,  and  elaborately  ornamented  with  costly  paint- 
ings. It  was  the  nine  days'  wonder  in  the  city,  and 
men  and  women  crowded  to  see  it  at  twenty-five  cents 
a  head.  The  owner  failed,  and  the  house  passed  out  of 
his  hands.    It  became  a  school,  with  no  success. 

One  morning  the  residents  of  the  avenue  were 
astonished  to  see  a  staging  built  up  against  this  famous 
pile,  reaching  to  the  roof.     They  were  more  astonished 


PERSOXAL  OF  STEWART. 


199 


when  tliey  learned  that  this  gorgeous  pile  was  to  come 
down;  that  its  foundations  were  to  be  dug  up  ;  that  a 
marble  palace  was  to  be  erected  on  that  site  that  would 
make  all  Shoddydom  red  with  envy ;  that  its  furniture, 
statuary,  paintings,  and  adornments  would  exceed  any 
house  on  the  continent.  Many  lessons  are  taught  by 
the  career  of  Mr.  Stewart.  It  is  worth  while,  on  a  fine 
morning,  to  pause  on  the  Broadway  pavement,  and 
watch  the  small  coupe  that  drives  up  to  the  curbstone, 
drawn  by  a  single  horse ;  to  mark  the  occupant,  as  with 
a  light  tread  and  buoyant  step  he  comes  from  the  car- 
riage and  enters  his  store.  He  is  an  old  man,  but  looks 
like  a  young  one.  He  began  life  penniless,  and  has 
rolled  up  a  fortune  greater  than  that  ever  before 
collected  by  any  one  man.  His  mercantile  career  has 
been  an  upward  one ;  his  whole  life  a  success.  He  has 
earned  the  title  he  wears.  He  is  the  autocrat  of  2s  ew 
York  merchants. 

PERSONAL    OF    STEWART. 

Whoever  has  dealings  with  this  remarkable  man 
will  find  in  him  several  phases  of  character.  He  is 
genial,  pleasant,  affable  if  you  wish  to  trade  with  him. 
He  is  cold,  glassy,  stern,  hard,  if  you  ask  him  to  com- 
promise a  debt.  Few  repeat  the  experiment  of  solicit- 
ing from  him  a  donation.  He  prides  himself  in  telling 
the  truth  to  his  customers,  and  being  severely  just  in 
trade.  He  says  it  has  been  the  annoyance  of  his  life 
to  keep  his  clerks  from  telling  u  white  lies/'  from  palm- 
ing off  second  class  goods  as  first  class.  He  exacts  of 
all  his  employees  perfect  obedience.  To  sit  in  the 
store  during  business  hours  is  forbidden.     He  came 


200  PERSONAL  OF  STEWART. 

suddenly,  one  morning  into  the  store,  and  found  a 
salesman  in  a  chair  reading  a  paper.  The  man  was 
one  of  his  oldest  and  most  successful  salesmen.  There 
was  not  a  customer  present.  Everything  was  ready 
for  the  day's  work.  Mr.  Stewart  was  enraged  at  this 
breach  of  the  rules,  ordered  the  man's  immediate  dis- 
charge, would  hear  no  explanation,  followed  him  up 
to  the  cashier's  office  to  get  his  pay,  and  was  angry 
with  the  cashier  because  he  was  not  in  his  place  and 
threatened  to  discharge  him  also.  The  salesman  was 
perfectly  astounded  at  the  treatment.  He  supposed 
Mr.  Stewart  was  excited  about  something  and  that  he 
would  think  better  of  it  when  he  cooled  off.  •  He  came 
down  to  the  store  the  next  morning  as  if  nothing  had 
happened.  Mr.  Stewart  ordered  him  out  of  the  store 
at  once,  and  the  man  became  so  enraged  that  he 
knocked  him  down  and  knocked  out  some  of  his  teeth. 
The  affair  came  into  the  courts,  but  was  settled  by  a 
compromise. 

Mr.  Stewart  has  taken  into  his  own  hands  the  set- 
tlement of  the  question  as  to  what  shall  be  done  with 
the  huge  fortune  he  has  collected.  In  a  fashionable 
part  of  upper  New  York,  he  has  bought  a  block  of 
ground,  on  which  he  is  building  a  magnificent  struc- 
ture for  the  working  women  and  girls  of  New  York. 
His  design  is  to  furnish  cheaply  elegant  homes  to  re- 
spectable and  industrious  sewing  women.  The  build- 
ing will  be  constructed  with  all  the  elegancies  and  con- 
veniencies  of  a  first  class  hotel.  Its  mammoth  propor- 
tions are  looming  up,  and  it  is  already  an  ornament  to 
the  city.  When  it  is  completed  Mr.  Stewart  proposes 
to  build  a  similar  one  for  working  men.     On  Hemp- 


BSONAL  OF  STEWAL  _     \ 

stead  Plains  he  is   building  a  city  of  elegance  for 

i  >f  moderate  means.  Broad  boulevards  for  driving, 
railroads  for  cheap  transportation,  first  class  ferry  ac- 
commodations, and  all  the  paraphernalia  of  wealth  are 

to  be  brought  within  the  limited  means  of  industrious 
artisans.  When  Mr.  Stewart  as  a  man  shall  have  been 
forgotten,  his  personalities  and  peculiarities  covered 
with  the  dust  of  ages,  and  his  hard,  sharp,  grinding 
characteristics  as  a  trader  are  remembered  no  more — 
as  a  benefactor  to  the  poor,  and  a  friend  to  the  lowly, 
will  he  be  remembered  with  Shaftesbury,  Peabody,  and 
other  heroic  men,  who  have  by  their  beneficence 
builded  their  own  monuments  that  rust  will  not  cor- 
rode, nor  time's  obliterating  finger  destroy. 


XIII. 
MINISTERS  IN  WALL  STREET. 

Ministers  in  Wall  Street. —  General  View. — A  Bold  Operation. — 
Denunciation  of  Stock  Gambling. — A  Sad  Change. — A  Minister  in 
Jail. — Incidents  of  Interest. — Brilliant  Wedding. — Vacant  Pro- 
fessor's Chair. — Lo !  the  Poor  Indian. 

New  York  is  a  queer  place.  It  lays  less  restraint 
on  professional  men  and  others,  than  any  other  city. 
It  is  so  large,  the  population  is  so  numerous,  the  strug- 
gle for  existence  is  so  intense,  and  people  are  kept  so 
busy,  that  the  citizens  have  no  time  to  look  after  each 
other.  All  nationalities,  religious  creeds,  and  repre- 
sentatives of  every  opinion,  reside  within  its  limits. 
There  is  a  street  in  the  city  in  which  Pagan  rites  are 
observed.  Persian  fire-worshippers  adore  their  deities 
there.  In  the  locality,  in  the  row  occupied  by  the 
Chinese,  their  peculiar  religious  ceremonies  are  ob- 
served. The  followers  of  the  prophet  there  perform 
their  ablutions.  The  lordly  temples  of  the  Jews  stand 
in  prominent  localities.  The  Catholic  Church  controls 
the  treasury  of  the  city.  Every  form  of  Protestant 
dissent  and  disunity  has  a  local  habitation  and  a 
name.  These  discordant  elements  blend  in  trade  — 
Jew  and  Christian,  Catholic  and  Protestant,  foreigner 
and  native,  may  be  found  in  the  crowd  in  Wall  Street ; 

(202) 


BOLD   OPERATION.  203 

may  be  seen  rushing  through  the  long,  dark  avenues 
to  the  gold  room,  or  raising  the  discordant  din  at  the 
Stock  Board.  It  is  as  common  a  thing  to  find  minis- 
ters in  the  street  as  it  is  to  find  any  other  class.  The 
people  to  whom  they  preach  know  very  little  of  their 
outside  movements,  and  care  less.  If  they  are  regu- 
lar in  their  attendance  on  their  public  duties,  meet 
their  official  work  promptly  and  genteelly,  that  is  all 
that  Xew  York  asks.  Brokers  would  as  soon  take  a 
commission  from  a  clergyman  to  buy  and  sell  as  from 
any  one  else.  As  long  as  the  margin  is  kept  up,  all 
is  right.  Business  men  don't  understand  why  a  min- 
ister, if  he  has  ten  or  twenty  thousand  dollars  to  lose, 
shouldn't  be  permitted  to  lose  it  in  Wall  Street  like  any 
one  else.  If  he  meets  with  a  lucky  turn,  as  this  class 
sometimes  do,  it  is  considered  all  right.  If  such  an  one 
is  manly  about  his  movements — goes  into  Wall  Street 
openly  to  trade,  as  he  would  buy  a  corner  lot,  or  a 
block  of  ground,  he  is  not  thought  the  worse  of.  A 
broker  would  go  and  hear  a  man  preach  just  as  soon — 
perhaps  sooner — with  whom  he  has  had  dealings  in 
stocks.  Xew  York  is  rather  proud  of  a  sharp,  shrewd 
clergyman,  who  knows  the  world,  and  has  thrown  off 
some  of  the  conventionalisms  of  his  profession.  A 
parishioner,  who  sits  by  the  side  of  his  minister  at  the 
opera,  or  takes  a  brush  with  him  on  the  road  with  a 
fast  team,  is  quite  likely  to  be  in  his  pew  the  next 
Sunday. 

BOLD    OPERATION. 

A  young  man,  just  entering  on  his  profession,  made 
up  his  mind  that  he  would  marry  a  daughter  of  one  of 


204  BOLD  OPERATION. 

the  largest  speculators  on  the  street,  a  man  who  had 
accumulated  a  large  fortune.  The  daughter  was  a 
widow.  The  father  made  great  opposition  to  the 
match,  as  he  did  not  wish  a  poor  minister  for  a  son- 
in-law.  The  point  was  carried,  and  the  father  was 
greatly  astounded  a  few  weeks  after  the  marriage,  to 
receive  a  visit  from  his  son-in-law.  He  did  not  come 
for  purposes  of  reconciliation,  or  to  solicit  forgiveness. 
He  came  on  business.  He  held  in  his  hand  a  carefully 
prepared  paper,  detailing  the  exact  condition  of  his 
wife's  estate,  and  that  of  .her  children.  The  father 
held  the  property  in  his  hands,  and  used  it  with  his 
own  in  speculation.  The  shrewd,  sharp,  decided 
manner  of  the  young  man  represented  the  wrong 
done  in  using  his  wife's  funds  in  speculation.  In  a 
clear,  firm  manner,  he  stated  what  must  be  done  : 
that  all  the  money  must  be  paid  over,  and  how  much 
it  was,  he  knew  to  a  fraction  ;  and  this  he  said  must 
be  held  in  trust  for  the  use  of  his  wife.  The  audacity 
of  the  young  man  startled  the  millionaire.  His  shrewd- 
ness and  business  tact  charmed  him.  He  admitted 
the  justice  of  the  statement,  and  promised  to  attend 
to  it.  But  the  young  man  would  not  be  put  off;  he 
insisted  upon  things  being  done  at  once,  under  his  own 
supervision.  The  son-in-law  exhibited  such  decided 
genius  and  tact  that  the  old  man  took  him  at  once  to 
his  heart  and  his  house,  and  made  him  a  brilliant  opera- 
tor on  the  street.  He  has  never  wholly  deserted  his 
pulpit ;  he  preaches  in  the  style  of  a  Wall  Street 
broker.  He  dashes  up  to  little  country  churches,  with 
a  fine  team  and  a  servant  in  livery,  -  wears  fashionable 
gloves,  diamond  pins,  and  jewels  on  his  fingers.     He 


\     VCIATION  OF  SToCK  GAMBLING. 

not  only  receives   nothing  for  preaohing,   but    if  the 

church  is  poor,  leaves  a  donation  behind.  One  little 
church,  in  the  interior,  was  greatly  scandalized  by 
the  grand  turn-out  of  their  supply.  The  whole  con- 
gregation did  not  number  a  hundred,  and  most  of  the 
people  were  farmers,  artizans,  and  laborers.  When  the 
preacher  drove  up  in  a  team — that  would  not  have  dis- 
graced any  mansion  in  Fifth  Avenue — the  leaders  ex- 
pressed their  regret  that  he  had  not  come  in  an 
humbler  garb.  lie  replied,  like  a  man  on  the  street, 
"Brethren,  you  mu-st  get  used  to  it;  this  is  my  style 
if  I  come  at  all." 

DENUNCIATION    OF    STOCK    GAMBLING. 

The  pulpit  is  not  silent  in  its  denunciations  of  what 
is  called  "Stock  and  Gold  Gambling."  The  style  in 
which  business  is  done  on  the  street;  the  excitement, 
and  recklessness  of  stock  transactions ;  the  drinking, 
gambling,  and  hazard,  connected  with  the  street ;  the 
temptations  thrown  around  the  unwary;  the  combina- 
tions and  conspiracies  formed  to  ruin  men  ;  the  effect 
of  stock  gambling  on  the  business  of  the  country;  the 
panics  created  by  designing  and  unscrupulous  men — 
that  spread  ruin  over  every  part  of  the  land — are  not 
hidden  from  the  eyes  of  the  teachers  of  morality  and 
religion.  Sermons  are  preached,  directly  and  indirect- 
ly, against  the  street;  special  services  are  held,  the 
note  of  warning  sounded,  and  the  press  teems  with 
denunciations,  which  have  been  hurled  from  the  sacred 
desk  against  the  excitement,  madness,  and  ruin  of 
Stock  and  Gold  Gambling. 

But  these  phillipics  lose  much,  of  their  point  when 


206  DENUNCIATION  OF  STOCK  GAMBLING. 

it  is  known  that  very  many  clergymen,  and  some  of 
them  the  most  eminent  in  the  profession,  appear  as 
regularly  in  the  street  as  do  any  other  class.  There 
are  a  great  many  unemployed  clergymen  in  the  city ; 
men  who  have  been  presidents  of  colleges,  professors 
in  theological  seminaries  ;  eminent  pastors  of  popular 
churches,  and  teachers  in  schools.  The  ministry  in 
this  country  is  a  brief  one.  Colleges  oust  their  presi- 
dents. They  are  too  poor,  or  penurious,  to  make 
them  donations,  and  they  are  sent  adrift.  The  most 
eminent  pastors  will  grow  old  ;  people  will  tire  of 
them ;  and,  if  nothing  else  will  do,  a  gratuity  will  be 
given  to  them  as  they  are  turned  away.  A  clergyman, 
who,  within  my  recollection,  lived  in  fine  style,  kept 
his  coach  and  many  servants,  became  so  poor  that  his 
wife  and  daughters  opened  a  school  to  earn  their 
bread.  One  of  the  most  popular  clergymen  of  the 
land,  who  lived  in  splendid  style  within  a  stone's 
throw  of  where  I  am  writing,  and  who  never  dream- 
ed of  the  loss  of  popularity  or  of  want,  for  the  crime 
of  growing  old,  lost  his  charge.  During  the  sunny 
day  of  his  brilliant  career  he*  lived  up  to  the  very 
selvedge  of  his  income,  and  is  passing  old  age  in 
penury  and  want.  Hordes  of  these  clergymen  come 
to  New  York.  There  is  no  work  for  such  in  this  great 
Babel.  The  temptations  of  Wall  Street  allure  them. 
Those  who  have  a  little  money,  try  a  venture,  almost 
invariably  with  loss.  The  parties  who  are  on  the 
street  are  well  known.  Some  of  them  come  openly, 
and,  having  secured  the  assistance  of  a  friend  who  will 
carry  stocks  for  them,  attempt  the  hazard  of  the 
street,  for  a  time.     Others,  who  lift  up  their  hands  in 


DENUNCIATION  OF  STOCK  (/AMU/./  207 

holy  horror  at  stock  speculations,  drive  a  little  quiet 
business  on   their  own  account.     The  Vice-President 

of  the  Gold  Exchange,  who  calls  the  stocks  daily,  and 
sells  gold  amid  the  wildest  excitement,  is  a  clergy- 
man, who  is  said  to  have  been  quite  successful  also  in 
stock  speculation.  One  or  two  other  prominent  pas- 
tors have  the  reputation  of  having  made  a  fortune. 
These  cases,  so  rare,  yet  so  prominent,  turn  the  heads 
of  thousands,  and  lead  the  simple-minded  to  destruc- 
tion, as  the  ox  goeth  to  the  slaughter. 

The  names  of  the  most  eminent  pastors  in  Xew 
York  are  connected  with  stock  speculations.  Many 
of  them  dwell  in  sumptuous  houses,  which  they  own. 
They  set  up  a  carriage,  and  don  their  drivers  in  livery. 
They  own  blocks  of  houses.  No  salary  paid  in  the 
city  would  allow  men  to  live  in  such  style  and  leave 
a  margin  for  such  investments.  These  men  are  seen 
in  Wall  Street,  and  the  influence  is  irresistible.  A 
young  man  was  called  to  one  of  the  straightest  and  most 
Puritanical  of  our  churches.  He  got  bitten  by  oil 
speculations ;  he  was  more  in  the  street  than  in  his 
study.  His  people  gave  him  his  choice,  to  give  up 
the  street,  or  the  pulpit.  He  gave  up  his  pulpit,  took 
oif  his  clerical  suit,  rigged  himself  up  in  the  toggery 
of  a  broker,  and  took  his  position.  He  has  never 
ascended  beyond  the  range  of  a  curb-stone  broker. 
He  has  not  bread  half  the  time  to  eat.  Yet  the  mania 
of  speculation  is  on  him,  like  the  infatuation  of  gam- 
bling. 

The  editor  of  one  of  our  religious  papers,  who  is  es- 
pecially severe  on  all  forms  of  pleasure,  is  a  martinet  in 
church  discipline,  and  sets  himself  up  as  a  judge  in  all 


208  A  SAD  CHANGE. 

matters  of  mercantile  morals,  and  reads  Wall  Street  a 
weekly  lesson,  has  a  brother  minister  who  is  a  broker, 
through  whom  he  runs,  privately,  a  line  of  stocks.  He 
has  an  associate  who  is  connected  with  a  large  mission 
society,  whose  soft  voice  and  pious  demeanor  make 
him  very  popular  with  a  class  with  whom  dabbling  in 
stocks  would  be  considered  as  great  a  crime  as  visiting 
Morrissey's  club-house  ;  yet  his  name  is  well  known  in 
Wall  Street  among  the  men  who  slyly  try  the  marvels 
and  mazes  of  speculation. 

• 

A    SAD    CHANGE. 

An  up-town  church,  in  one  of  the  most  fashionable 
localities,  had  as  its  pastor  a  very  popular  man,  who, 
through  his  ancestry,  had  been  identified  with  the 
ministry  of  New  York  for  many  years.  He  was  a 
man  of  wealth,  and  lived  in  fine  style.  He  was  very 
austere  in  his  manner,  a  rigid  enforcer  of  Church  dis- 
cipline, and  especially  severe  upon  any  poor  brother- 
minister  who  might  fall  under  the  ban.  He  took  to 
the  ways  of  Wall  Street,  privately  at  first,  and  then 
became  very  noted  for  his  speculation  in  stocks.  His 
ruin  was  only  a  question  of  time.  He  lost  his  own 
fortune  in  Wall  Street,  and  carried  down  with  it  that 
of  all  his  friends  who  had  trusted  him.  He  took  to 
the  bottle  as  a  relief,  and  his  habits  became  so  notori- 
ous that  he  was  obliged  to  quit  his  charge,  and  his 
financial  difficulties  drove  him  from  the  country.  He 
left  his  family  in  destitution,  and,  when  last  heard 
from,  was  preaching  to  a  small  Scotch-Irish  Church, 
on  a  starvation  salary,  near  Dublin. 


MINISTER  JX  JAIL.  209 


A    MINISTEB    IX    JAIL. 

A  well-known  gentleman,  who  lias  been  very 
prominently  connected  with  the  religious  press  of  this 

city,  at  one  time  agent  of  one  of  the  largest  religious 
publication  societies,  was  locked  up  a  short  time  since 
in  Eldridge  Street  jail.  The  affair  created  a  great 
deal  of  excitement,  as  it  was  announced  in  the  public 
press.  His  connection  with  many  religious  and  phil- 
anthropic movements  was  well  known.  It  was  the 
old  story :  he  had  gone  into  gold  speculation  ;  he 
wished  to  eke  ont  his  small  livelihood  by  the  gains  of 
the  street.  Under  a  sharp  temptation,  he  bought 
gold  that  he  could  not  carry.  To  avoid  loss,  he  gave 
a  check,  which  was  a  bogus  one,  in  the  hope  that 
something  would  turn  up  the  next  day.  As  he  could 
not  meet  his  check,  he  was  arrested  for  fraud,  and 
locked  up  in  the  jail.  If  a  man  seventy-eight  years  of 
age  can  be  thus  infatuated,  what  can  be  expected  of 
younger  men  ? 

INCIDENTS    OF    INTEREST. 

The  pastor  of  one  of  the  up  town  churches  had  as 
fine  a  settlement  as  any  one  in  the  city.  His  church 
was  large,  liberal,  and  considerate.  His  daily  visits 
to  Wall  Street  attracted  attention.  His  friends 
thought  that  he  was  embarrassed,  but  he  said  nothing. 
One  morning  he  left  his  home  as  usual,  and  since  then 
nothing  has  been  heard  of  him.  A  pencilled  slip  of 
paper  was  found,  in  which  he  said  he  was  "going  to 
his  rest." 

One  of  the  most  noted  men  in  the  street  was  one 
14 


210  INCIDENTS  OF  INTEREST. 

of  the  oldest  and  best  known  of  the  New  York  pas- 
tors— at  one  time  a  leading  clergyman  in  the  city. 
He  followed  the  course  of  religion  and  trade  up  town. 
He  built  one  of  the  most  extravagant  and  costly  of 
up-town  churches.  He  was  identified  with  more  pub- 
lic interests  than  any  other  pastor.  He  succumbed  to 
the  inevitable  law  that  lays  nearly  every  minister  on 
the  shelf  when  he  gets  old.  Without  a  charge,  he 
seemed  to  have  a  fatherly  care  for  all  the  churches, 
without  regard  to  sect.  His  wife  was  wealthy,  and 
he  lived  in  a  fine  mansion  in  a  fashionable  portion  of 
New  York.  He  became  infatuated  with  the  street, 
and  was  a  daily  visitor  among  the  brokers.  His  tall 
form,  clerical  look,  and  old-fashioned  white  cravat, 
attracted  general  attention.  His  peculiarity  was  that 
of  borrowing  money,  which  he  never  repaid.  He 
would  go  from  store  to  store,  from  office  to  office, 
from  broker  to  broker,  and  get  any  sums  that  parties 
would  loan  him,  from  six  dollars  to  six  hundred.  He 
would  visit  churches  on  Sundays,  and  of  course  be  in- 
vited into  the  pulpit.  Picking  out  his  men  as  they 
sat  before  him  in  the  pews,  getting  their  names,  he 
would  call  upon  them  at  their  places  of  business  the 
next  day  or  week,  and,  under  various  pretences,  most 
of  them  false,  would  get  a  small  loan,  if  he  could  not 
secure  a  large  one.  These  loans  made  a  little  mar- 
gin, with  which  he  kept  up  the  excitement  of  specu- 
lation in  stocks  for  years,  always  losing. 

Another  very  familiar  face,  better  known  to  curb- 
stone brokers  and  oil  speculators  than  others,  is  a 
clerical -looking  old  man,  very  seedy  in  appearance, 
who  wears  the  white  cravat  and  black  gloves  on  the 


A  BRILLIANT    WEDDING.  211 

Btreet,  who  lias  been  waiting  for  years  for  something 
to  turn  up.  Poor  as  poor  can  be,  living  from  hand  to 
mouth,  he  is  no  way  discouraged,  nor  is  his  infatua- 
tion broken.  lie  came  very  near  realizing  a  fortune 
or  a  felon's  doom.  To  make  his  fortune  sure,  he 
wrote  illegally  on  a  document  that  was  laid  before 
the  court.  His  age  and  profession  induced  the  party 
interested  not  to  press  the  matter,  as  the  property 
sought  to  be  obtained  was  released.  The  Court 
placed  the  document  that  was  altered  on  file,  and  let 
the  old  man  walk  away.  He  alternates  between  re- 
ligious meetings,  where  he  assumes  the  position  of 
patron  and  father,  and  stock  jobbing  on  the  street  on 
a  small  scale. 

A    BRILLIANT    WEDDING. 

One  of  our  city  pastors  gave  one  of  his  daughters  im 
marriage,  a  short  time  since,  to  a  man  of  business.. 
The  wedding  was  a  brilliant  one,  and  the  gifts  prince- 
ly. An  early  friend  of  the  pastor  was  one  of  our 
most  daring  and  successful  speculators.  He  came  to 
the  surface  in  a  day,  and  astounded  the  street  by  his 
audacity  in  stocks.  He  did  not  forget  his  father's  old 
friend.  He  sent  for  him  one  day,  and  said,  uHow 
much  money  can  you  raise?"  "Two  or  three  thou- 
sand dollars,"  was  the  reply.  "  Can't  you  make  it 
ten?"  said  the  broker.  "Borrow  it — get  it  any  way 
— but  get  it,"  The  thing  was  accomplished.  In  due 
time  the  broker  handed  his  pastor  two  hundred  and 
fifty  thousand  dollars,  the  result  of  the  speculation. 
This  successful  scheme  has  lured  thousands  to  financial 
ruin. 


212  •  LO!  THE  POOR  INDIAN. 


LO  !    THE    POOR    INDIAN. 

A  couple  of  clerical  young  men  appeared  in  Wall 
Street  to  dispose  of  the  wild  lands  at  the  West,  be- 
longing to  the  Indians.  A  portion  of  the  sale  was  to 
be  devoted  to  the  endowment  of  a  college,  to  be  un- 
der the  charge  of  one  of  the  denominations.  They 
lived  in  fine  style,  and  were  very  flush.  They  talked 
largely  of  their  own  fortune,  and  of  the  fine  invest- 
ment which  the  lands  offered.  The  attention  of  Con- 
gress was  attracted  to  the  movement,  and  representa- 
tions were  made  from  the  West  that  fraud  was  con- 
templated ;  that  a  portion  was  to  be  secured  for  sec- 
tarian purposes  and  the  balance  to  be  divided  be- 
tween the  agents  and  their  special  friends.  One  of 
the  clerical  agents  in  this  matter  turned  out  a  default- 
er and  fled.  The  other  gave  up  the  valuable  tracts  of 
land  he  had  allotted  to  himself,  and  was  allowed  to 
sink  into  insignificance,  and  pass  out  of  sight. 

Wall  Street  does  not  feel  especially  honored  by  the 
clerical  element  that  appears  from  day  to  day  in  the 
street.  It  honors  manliness  everywhere.  If  a  per- 
son wishes  to  put  up  a  thousand  dollars,  or  more,  a 
great  many  parties  would  "buy  for  a  clergyman,  on 
that  margin,  though  the  street  does  not  desire  the 
custom  of  anyone  who  cannot  afford  to  lose,  and  is 
not  able  to  back  up  sales.  In  nine  cases  out  of  ten,  a 
broker  would  say  to  a  clergyman,  '''Ninety-eight 
chances  m  a  hundred  are  against  you.  You  are  more 
likely  to  be  struck  with  lightning  going  home,  than 
you  are  to  be  struck  with  luck  in  a  venture  here.  It 
is  my  business  to   buy  and  sell  stocks  for  customers. 


LO:   THE  POOR  INDIAN.  213 

If  you  insist  upon  it,  I  will  buy  the  line  of  stocks  you 
name,  cany  it  for  you  while  the  margin  lasts,  and 
shall   be  obliged  to   clean   you   out  when  the  luck  is 

: list  you."  In  nine  cases  out  of  ten,  parties  will  say, 
"Well,  we  will  try  our  chances  this  time,  anyhow." 
With  such  men,  who  are  open  and  above  board,  the 
street  does  not  object  to  deal,  and  customers  do  not 

■  their  character  with  dealers.  But,  for  another  class, 
who  slyly  venture  on  a  speculation,  who  lay  money 
privately  in  a  place  agreed  upon,  that  they  may  not 
seem  to  have  any  connection  with  the  transaction — 
who  work  for  friends,  and  denounce  stock  speculations 
through  their  pulpits — who  write  long  leaders  for  the 
public  press  on  the  wickedness  of  stock  speculation, 
and  the  high  crimes  of  conspiring  to  create  panic, 
while  in  the  movement  they  have  a  little  interest 
themselves, — for  such  the  street  has  only  contempt. 
One  of  this  class,  who  is  accustomed  to  come  slyly 
into  an  office,  lay  down  his  funds  on  a  desk,*vrrapped 
in  a  paper,  and  pass  away  ;  and  if  anything  was  real- 
ized, as  quietly  take  it,  was  rebuked  by  his  broker 
one  day,  who  said  to  him,  "If  you  are  ashamed  of  this 
business,  you  had  better  leave  the  street." 


XIV. 
BONNER,  OF  THE  LEDGER. 

His  Birth-place,  etc. — Founds  the  Ledger. — His  System. — Tact  and 
Shrewdness. — His  Popularity. — Bancroft  and  Everett. — Nor 
wood. — Stud. — Bonner's  Mews. — As  a  Man. 

Robert  Bonner,  "  of  the  Ledger,"  for  so  he  will  go 
down  to  posterity,  is  one  of  the  boldest  operators  in 
New  York,  and  one  of  the  most  successful — more  in 
horses,  than  in  stocks ;  more  in  men,  than  in  gold.  As 
a  shrewd,  successful,  business  man,  he  is  without  a 
rival,  and  when  he  has  passed  away,  will  furnish  a 
model  to* coming  generations.  He  is  u  square,"  manly, 
generous,  high-minded,  and  has  the  confidence  of  all 
who  do  business  with  him ;  a  true  friend,  and  a  bene- 
factor to  the  lowly.  The  little  town  of  Lisburn,  a 
rural  township  in  the  north  of  Ireland,  which  sent  to 
us  Stewart,  Browne,  Agnew,  and  other  successful  men, 
was  the  native  place  of  Bonner.  As  a  boy,  he  was 
frank  and  generous.  At  school,  he  was  the  champion 
of  the  weak  and  the  wronged.  He  was  turned  from 
school  for  defending  an  associate,  whom  he  knew  to 
be  innocent.  He  started  in  life  with  a  rule  which  has 
marked  his  career — not  only  to  do  all  that  he  did 
well,  but  to  excel  all  others.  He  proposed  to  be  the 
(214) 


BONNER,  OF  THE  LEDGER. 

first  of  his  class  in  anything  he  undertook;  to  buy  the 
best  of  whatever  he  purchased,  and  to  be  foremost  in 
all  the  positions  he  proposed  to  occupy. 

When  he  came  to  New  York,  it  was  said  a  literary  pa- 
per could  not  succeed  in  the  metropolis.  Such  papers 
could  succeed  in  Boston  and  Philadelphia,  but  not  out 
of  them.  Mr.  Bonner  proposed  to  establish  a  paper,  and 
make  it  pay,  in  New  York,  and  to  set  up  such  a  journal 
as  would  command  a  circulation  throughout  all  the 
land.  He  commenced  his  career  in  connection  with 
the  press,  in  a  small  way.  The  great  thing  was  to  ob- 
tain a  footing,  and  that  he  secured.  Wages  were 
small,  work  hard,  and  only  by  sharp  economy  could 
he  live.  Even  then,  he  kept  out  of  debt.  He  bought 
nothing  he  could  not  pay  for.  Through  his  long  and 
successful  career  he  has  never  borrowed  a  dollar,  nor 
signed  a  note,  and  he  now  conducts  his  gigantic  business 
on  cash  principles.  In  some  of  his  great  enterprises 
he  paid  out  his  last  dollar,  but  never  once  did  he  fail- 
in  his  venture.  He  has  often  paid  as  high  as  twenty- 
five  thousand  dollars  a  week  for  advertising,  and  with 
that  sum  went  his  last  penny.  In  every  instance  his 
outlay  has  met  with  most  sanguine  success.  Men  in 
search  of  advertising  swarm  around  the  Ledger  Office, 
for  so  liberal  a  patron  is  popular.  With  the  resolute, 
dogged  way  which  marks  Mr.  Bonner's  business  man- 
ners, he  says,  "  I  have  no  more  money  to  spend  in 
advertising/ '  To  the  offer  to  trust  him  to  any  amount, 
the  short,  decisive  answer  comes  back,  "I  cannot  ad- 
vertise beyond  my  means." 


216  FOUNDS  THE  LEDGER. 


FOUNDS    THE    LEDGER. 

The  *  Kepublican "  was  an  evanescent  affair,  and 
Mr.  Bonner  found  permanent  employment  on  the 
u  Evening  Mirror  "  as  a  practical  printer.  This  paper 
was  conducted  by  Morris,  Willis,  and  Fuller.  It  was 
Mr.  Fuller's  business  to  make  up  the  paper.  It  was 
very  desirable  to  display  the  advertisements,  and  do  it 
in  good  taste.  In  this  department  Mr.  Bonner  excelled. 
The  whole  matter  was  soon  left  in  his  hands.  He  had 
an  eye  for  beauty,  and  the  Mirror  advertisements 
became  very  famous.  There  was  a  small  mercantile 
paper  in  New  York,  known  as  the  tt  Merchant's  Ledger." 
It  was  devoted  almost  entirely  to  commercial  matters, 
with  a  very  limited  circulation.  A  young  man,  whose 
business  it  was  to  get  up  advertisements,  was  struck 
with  the  elegant  manner  in  which  Mr.  Bonner  made 
up  the  Mirror.  He  called  the  attention  of  the  editor 
of  the  Ledger  to  Mr.  Bonner's  capacity,  and  this 
culminated  in  an  engagement  with  Mr.  Bonner  to 
become  the  printer  of  that  paper.  Mr.  Bonner  did  not 
own  the  material,  but  simply  printed  the  sheet.  He 
occasionally  wrote  articles  that  attracted  attention, 
from  their  terse,  compact,  and  spicy  composition.  A 
little  incident  showed  Mr.  Bonner  the  value  of  a  name. 
His  contributions  to  the  Ledger  were  very  well  re- 
ceived. The  proprietor  had  a  spice  of  jealousy  about 
him,  and  he  did  not  want  his  energetic  and  spirited 
printer  to  get  into  the  editorial  chair.  Mr.  Bonner 
wrote  a  short,  pithy  article  on  a  popular  subject, 
jammed  it  into  a  little  nook  in  the  paper,  and  placed 
at  the  bottom  the  name  of  Dr.  Chalmers.     It  took  like 


FOUNDS  TBE  LEDGER  217 

wildfire.  It  was  copied  into  all  the  prominent  papers 
of  the  land.  It  taught  Mr.  Bonner  the  value  of  a 
name,  —  a  lesson  he  has  never  forgotten. 

Shortly  after  he  entered  the  office,  Mr.  Bonner  pur- 
chased the  Ledger.  He  seated  himself  in  the  editorial 
chair,  and  resolved  to  realize  the  visions  of  his  youth. 
He  did  not  change  its  character  at  once,  hut  gradually. 
The  Ledger  became  less  and  less  commercial,  and  more 
and  more  literary.  About  this  time  Fanny  Fern  was 
creating  a  great  sensation  in  the  literary  world.  Her 
Ruth  Hall  had  just  appeared,  and  the  work  and  its  au- 
thoress were  criticised  by  the  press  in  all  parts  of  the 
land.  She  was  the  literary  star  of  the  clay.  The  ques- 
tion was  violently  discussed  whether  she  was  or  was 
not  the  sister  of  N.  P.  Willis.  Mr.  Bonner  saw  his  op- 
portunity, and  sent  a  note  to  Fanny  Fern,  offering  her 
twenty-five  dollars  a  column  to  write  a  story  for  the 
Ledger.  She  declined  the  offer.  Another  proposition 
was  sent,  offering  her  fifty  dollars  a  column.  That  she 
also  declined.  Seventy-five  dollars  were  offered.  That 
she  declined,  announcing  that  she  did  not  intend  to 
write  any  more  for  the  newspapers.  She  admitted  that 
she  admired  Mr.  Bonner's  pluck.  Soon  it  was  inti- 
mated to  Mr.  Bonner  that  if  he  would  allow  Fanny 
Fern  to  write  a  story  of  ten  columns,  more  or  less, 
though  the  story  should  not  occupy  less  than  nine 
columns  of  the  Ledger,  she  would  undertake  it.  He 
closed  the  contract  immediately,  received  the  manu- 
script, read  six  lines,  and  sent  her  a  check  of  one  thou- 
sand dollars.    He  resolved,  writh  this  story,  to  introduce 


218  HIS  SYSTEM. 

a  new  era  in  the  Ledger.  He  changed  the  form  of  the 
paper,  double-leaded  the  story,  so  that  it  made  twenty 
columns  in  the  paper.  He  advertised  it  as  nothing 
was  ever  advertised  before.  He  had  paid  an  unheard- 
of  sum  for  a  story  —  one  hundred  dollars  a  column. 
The  harvest  was  a  golden  one.  Out  of  the  profits  of 
that  story  Mr.  Bonner  purchased  the  pleasant  residence 
in  this  city  in  which  he  still  lives. 

HIS    SYSTEM. 

In  the  magnitude  of  his  advertising  Mr.  Bonner  has 
displayed  the  remarkable  business  skill  for  which  he  is 
celebrated.  The  manner  of  commending  the  Ledger  to 
the  public  is  wholly  his  own.  When  he  startled  the 
public  by  his  extravagance  in  taking  columns  of  a  daily 
journal,  or  one  entire  side,  he  secured  the  end  he  had 
in  view.  His  method  of  repeating  three  or  four  lines, 
such  as,  —  "  Fanny  Fern  writes  only  for  the  Ledger  " — 
or,  "Read  Mrs.  South  worth's  new  story  in  the  Ledger" 
—  and  this  repeated  over  and  over  and  over  again,  till 
men  turned  from  it  in  disgust,  and  did  not  conceal 
their  ill-temper,  was  a  system  of  itself.  "  What  is  the 
use,"  said  a  man  to  Mr.  Bonner,  "  of  your  taking  the 
whole  side  of  the  Herald,  and  repeating  that  statement 
a  thousand  times  ?  "  "  Would  you  have  asked  me  that 
question,"  replied  Mr.  Bonner,  "if  I  had  inserted.it  but 
once  ?  I  put  it  in  to  attract  your  attention,  and  make 
you  ask  that  question." 

Mr.  Bonner  knows  how  to  reach  the  public.  He 
pays  liberally,  but  intends  to  have  the  worth  of  his 
money.  He  does  not  advertise  twice  alike.  The 
newspapers  are  afraid  of  him.     His  advertisements  are 


TA  CT  AND  SHI!/:  \  I DNESS.  219 

so  queer  and  unusual,  that  when  they  make  a  contract 
with  him,  they  have  no  idea  in  what  shape  the  ad- 
vertisement will  come.  Sometimes  it  is  in  the  shape 
of  a  fragment  of  a  story;  sometimes  the  page  will  be 
nearly  blank,  with  two  or  three  little  items  in  it.  In 
his  peculiar  style  of  advertising  he  often  gives  great 
trouble  to  the  editors  of  the  leading  papers.  Some- 
times an  entire  page  is  almost  blank.  Sometimes  a 
few  small  advertisements  occupy  the  corner,  giving  the 
sheet  a  peculiar  appearance,  which  attracts  attention. 
Said  an  editor,  "I  had  rather  publish  one  of  your 
horses  in  the  centre  than  have  such  a  looking  sheet." 
But  Mr.  Bonner's  purpose  was  answered  by  one  inser- 
tion, and  the  contract  was  withdrawn. 

With  a  manliness  and  liberality  peculiar  to  Mr. 
Bonner,  after  one  insertion,  if  the  parties  are  dis- 
satisfied, he  always  throws  up  the  contract,  however 
beneficial  it  might  have  proved  to  him. 

TACT    AXD    SHREWDNESS. 

His  mode  of  advertising  was  new,  and  it  excited 
both  astonishment  and  ridicule.  His  ruin  was  predicted 
over  and  over  again.  But  as  he  paid  as  he  went  along 
he  alone  would  be  the  sufferer.  He  was  assailed  in 
various  ways.  Men  sneered  at  his  writers,  as  well  as 
at  the  method  in  which  he  made  them  known.  He 
had  no  competition.  Just  then  it  was  announced  that 
the  Harpers  were  to  put  a  first-class  Weekly  into  the 
field.  The  announcement  was  hailed  with  delight  by 
many  classes.  Men  who  had  been  predicting  Bonner's 
ruin  from  the  start  were  anxious  to  see  it  accomplished. 


220  TACT  AND  SURE  WDNESS. 

He  had  agents  in  all  the  leading  cities  in  the  land. 
These  held  a  monopoly  of  the  Ledger.  The  hook-men 
and  newspaper-men,  who  were  left  out,  were  quite 
willing  to  have  the  Ledger  go  under.  The  respecta- 
bility and  wealth  of  the  house,  its  enterprise,  with  the 
class  of  writers  it  could  secure,  made  the  new  paper  a 
dangerous  rival.  Mr.  Bonner  concluded  to  make  the 
first  issue  serviceable  to  himself.  His  paragraph  adver- 
tising was  considered  sensational,  and  smacking  of  the 
charlatan.  He  resolved  to  make  it  respectable.  He 
wrote  a  half  a  column  in  sensational  style  — "  Buy 
Harper's  Weekly  "  —  "Buy  Harper's  Weekly"  —"Buy 
Harper's  Weekly  "  —  a  Buy  Harper's  Weekly  "  —  and 
so  on  through  the  half  column.  Through  his  advertis- 
ing agent  he  sent  this  advertisement  to  the  Herald, 
Tribune,  and  Times,  and  paid  for  its  insertion.  Among 
the  astonished  readers  of  this  Ledger  style  of  advertis- 
ing were  the  quiet  gentlemen  who  do  business  on 
Franklin  Square.  The  community  were  astonished. 
"  The  Harpers  are  waking  up  !  "  "  This  is  the  Bonner 
style  !  "  "  This  is  the  way  the  Ledger  man  does  it ! " 
were  heard  on  all  sides.  The  young  Harpers  were 
congratulated  by  the  book-men  everywhere  on  the 
enterprise  with  which  they  were  pushing  the  new 
publication.  They  said  nothing,  and  took  the  joke  in 
good  part.  But  it  settled  the  respectability  of  the 
Ledger  style  of  advertising.  It  is  now  imitated  by  the 
leading  publishers,  insurance  men,  and  most  eminent 
dry  goods  men  in  the  country.  The  sums  spent  by 
Mr.  Bonner  in  advertising  are  perfectly  marvellous. 
He  never  advertises  unless  he  has  something  new  to 
present  to  the  public.     He  pays  from  five  to  twenty- 


ms  popularity.  221 

five  thousand  dollars  a  week  when  he  advert' 
The  enormous  circulation  of  the  Ledger, —  over  three 
hundred  thousand  copies  a  week, — shows  how  profitable 
his  style  of  doing  business  is.  Nearly  everything  he 
does,  every  horse  he  buys,  or  new  personal  movement 
that  distinguishes  him,  is  set  down  to  a  desire  on  his 
part  for  gratuitous  advertising.  Of  course  he  has  an 
eye  to  business  in  whatever  he  does.  But  all  the  ad- 
vertising he  wants  he  is  quite  ready  to  pay  for. 

HIS   POPULARITY. 

The  popularity  given  to  a  little  squib  of  his  own,  to 
which  the  name  of  Dr.  Chalmers  was  attached,  taught 
Mr.  Bonner  a  lesson  that  he  never  forgot.  Mr.  Edward 
Everett  had  taken  upon  himself  to  aid  the  ladies  of 
America  in  purchasing  Mount  Vernon.  Mr.  Bonner 
resolved  to  secure  Mr.  Everett  as  a  writer  for  the 
Ledger.  He  knew  that  money  could  not  purchase  Mr. 
Everett's  connection  with  his  paper.  He  offered  Mr. 
Everett  ten  thousand  dollars  to  write  a  series  of  arti- 
cles for  the  Ledger,  the  money  to  be  appropriated  to 
the  purchase  of  the  tomb  of  the  father  of  his  country. 
Mr.  Everett  could  do  no  less  than  accept.  At  the  con- 
clusion of  the  Mount  Vernon  papers  Mr.  Everett  con- 
tinued on  the  Ledger  nntil  his  death.  Mr.  Bonner 
paid  him  over  fifty  thousand  dollars  for  services 
rendered  on  his  paper.  The  notices  to  correspondents, 
which  is  a  marked  feature  in  the  Ledger,  contain 
answers  to  questions  sent  to  the  editor.  Not  more 
than  one  question  in  five  is  replied  to.  Those  answers 
are  written  by  the  most  eminent  men  in  the  country. 
Many  of  them  were  written  by  Mr.  Everett,  Henry 


222  BIS  POPULARITY. 

Ward  Beecher,and  distinguished  statesmen  and  lawyers. 
The  connection  between  Mr.  Bonner  and  Mr.  Everett 
was  of  the  most  delicate  and  tender  character,  as  Mr. 
Everett's  confidential  letters  sufficiently  show. 

It  was  Mr.  Bonner's  policy  to  spike  every  gun  that 
could  be  aimed  against  him,  and  make  every  influence 
and  every  prominent  man  his  ally.  To  this  end  James 
Gordon  Bennett  of  the  Herald,  Henry  J.  Raymond  of 
the  Times,  and  Horace  Greeley  of  the  Tribune,  became 
contributors  to  the  Ledger. 

The  Ledger  was  objected  to  in  some  quarters  as  not 
being  a  suitable  sheet  for  young  persons  to  read.  Mr. 
Bonner  secured  the  services  of  the  presidents  of  twelve 
of  the  principal  colleges  in  this  country  to  write  for 
his  paper.  Of  course  it  would  not  be  improper  for  the 
young  men  in  colleges  to  take  a  paper  for  which  the 
president  wrote.  Indeed,  over  the  purity  of  expression 
and  chasteness  of  sentiment  and  utterance  in  what  ap- 
pears in  the  Ledger,  Mr.  Bonner  exercises  a  rigorous 
censorship.  There  are  a  great  many  articles  and  ad- 
vertisements that  appear,  in  religious  papers  that  would 
not  be  admitted  into  the  Ledger.  Mr.  Bonner  gives 
this  order :  a  Take  the  most  pious  old  lady  in  a  Presby- 
terian Church,  and  any  word  or  phrase,  innuendo  or  ex- 
pression, that  she  would  want  to  skip,  if  she  were  reading 
a  Ledger  story  to  her  grandchild,  strike  out." 

Paul  Morphy,  in  the  height  of  his  popularity,  edited 
a  chess  column  in  the  Ledger.  Bryant,  Willis,  Hal- 
leck,  Morris,  and  Saxe  laid  a  poetical  wreath  at  Mr. 
Bonner's  feet.  Prentice,  Bancroft,  Parton,  and  Coz- 
zens  joined  the  galaxy  of  Ledger  writers.  Fanny 
Fern,  Mrs.   Southworth,   and  other   eminent  novelists, 


BANCROFT  AND  EVERETT.— NORWOOD. 

furnished    the    entertaining   serials   published  by  Mr. 
Bonner. 

BANCROFT    AND    EVERETT. 

On  the  death  of  Mr.  Everett,  Mr.  Bonner  enclosed  a 
check  to  Mr.  Bancroft,  with  a  note  requesting  him  to 
prepare  a  suitable  article  for  the  Ledger  in  commemo- 
ration of  the  distinguished  statesman.  The  article  was 
prepared  and  sent  to  Mr.  Bonner.  It  contained  no 
allusion  to  Mr.  Everett's  connection  with  the  Ledger. 
The  article  was  sent  back,  and  the  omission  pointed 
out.  A  sharp  correspondence  followed,  in  which  Mr. 
Bancroft  attempted  to  establish  the  propriety  of  the 
omission.  Mr.  Bonner  refused  to  receive  the  article, 
and  he  finally  carried  his  point,  and  Mr.  Everett's 
connection  with  the  Ledger  had  a  marked  place  in 
the  eulogistic  article. 

NORWOOD./ 

For  a  lonGr  time  Mr.  Beecher  has  been  a  contributor 
to  the  Ledger.  One  evening*  Mr.  Bonner  and  his  wife 
went  over  to  Plymouth  Church  to  hear  the  pastor. 
The  sermon  was  on  success  in  life,  and  was  given  in 
Mr.  Beecher's  most  vigorous  strain.  He  showed  that 
smartness,  cuteness,  and  adroitness  would  not  lead  to 
success  unless  they  were  combined  with  energy,  a 
knowledge  of  business,  an  indomitable  perseverance, 
and  an  integrity  which  would  enable  a  man  to  dare  to 
do  right.  If  Mr.  Beecher  had  intended  to  hit  Mr.  Bon- 
ner's character  and  success,  he  could  not  have  come 
nearer  to  the  mark.  Mr.  Bonner  had  lacked  not  one 
of  the  elements  Mr.  Beecher  had  described,  and  every 
one  knew  his  success.     This  sermon  affected  Mr.  Bou- 


224  BONNER'S  STUD. 

ner  in  various  ways.  He  was  in  search  of  a  novelty 
that  should  captivate  and  profit  the  public.  Why 
should  not  Mr.  Beecher  talk  to  a  million  of  people 
through  the  Ledger,  as  well  as  to  speak  to  a  single 
congregation  within  the  walls  of  his  house  ?  His  ac- 
quaintance with .  men  had  been  large.  His  wit  and 
fancy  were  exuberant,  and  if  he  would  write  a  story 
for  the  Ledger  he  might  preach  in  it  as  much  as  he 
pleased,  put  money  in  his  purse,  and  benefit  the  }7outh 
of  the  country. 

While  Mr.  Beecher  was  attending  a  council  in  his 
own  church,  a  letter  was  put  into  his  hands.  He  had 
had  no  conversation  with  Mr.  Bonner  about  writing  a 
story.  The  letter  contained  a  proposal  that  Mr. 
Beecher  should  write  a  serial  for  the  Ledger,  and 
named  the  price  which  would  be  paid  for  it,  which  was 
perfectly  astounding.  "  Miracles  will  never  cease," 
said  Mr.  Beecher,  in  his  note  replying  to  the  proposal. 
Norwood  appeared,  and  the  increased  circulation  of 
the  Ledger  immediately  reimbursed  Mr.  Bonner  foi 
his  extraordinary  outlay.  The  story  was  longer  than 
was  expected,  and  an  addition  was  made  to  the  price 
agreed  upon.  In  this  way  the  editor  of  the  Ledger 
treats  all  his  first-class  writers.  He  is  generous  in  his 
proposals,  and  does  more  than  he  agrees.     - 

bonner's  stud. 

When  a  printing  boy,  Bonner's  rule  was  to  be  the 
first  boy  in  the  office.  When  he  was  a  printer,  he 
allowed  no  one  to  excel  him  in  the  swiftness  with 
which,  he  set  type,  and  in  his  ability  as  a  workman. 
When  he  purchased  the  Ledger  he  intended  to  make 


BONNER'S  STUD.  225 

it  the  foremost  paper  in  the  country.  He  resolved  to 
own  the  most  celebrated  and  fastest  horses  in  the 
world.  And  his  stud,  which  are  kept  in  his  stables  on 
Twenty-seventh  Street,  are  without  rivals.  His  horses 
are  seven  in  number.  u  Lantern  "  is  a  bay,  fifteen  and 
a  half  hands  high,  with  long  tail,  mild,  clear  eye,  white 
hind  feet,  and  white  streak  on  his  face.  He  is  very 
fleet,  having  made  a  mile  in  2.20.  "  Peerless  "  is  a  gray 
mare,  about  fifteen  and  a  half  hands  high,  with  a  long 
white  tail,  clean  limbed,  and  gentle.  She  has  made  the 
fastest  time  on  record  to  a  wagon,  trotting  her  mile  in 
2.231.  She  is  so  gentle  that  she  is  used  in  the  country 
by  the  ladies  of  Mr.  Bonner's  family.  "  FEitbush  Mare  " 
is  a  double  teamster,  and  with  "  Lady  Palmer,"  in  double 
harness,  has  made  the  fastest  time  ever  trotted  in  a 
two  mile  heat  to  a  road  wagon, —  o.Oli.  She  is  fifteen 
and  a  half  hands  high.  The  other  is  a  chestnut  sorrel, 
about  the  same  size.  She  has  a  fine  head,  and  is  very 
symmetrical.  Besides  her  famous  time  with  a  Flatbush 
Mare,"  she  has  trotted  two  miles,  to  a  three  hundred 
and  sixteen  pound  wagon  and  driver,  in  4.50. —  the 
greatest  feat  of  the  kind  ever  performed.  "  Pocahontas" 
is  the  handsomest  trotter  and  the  most  perfectly  formed 
horse  in  the  world.  She  stands  about  fifteen  hands,  is 
a  dark,  rich  bay,  has  a  very  line  head,  proudly-arched 
nostrils,  and  a  tail  sweeping  the  ground  for  four  inches, 
on  which  she  frequently  treads  while  standing.  When 
six  years  old  this  splendid  animal  trotted  in  2.23,  and 
has  made  better  time  since  she  came  into  Mr.  Bonner's 
hands.  The  a  Auburn  Horse "  is  sorrel,  and  of  enor- 
mous size,  being  sixteen  and  a  half  hands,  with  four 
white  feet  and  white  face,  pronounced  by  Hiram 
15 


226  BONNER'S  ME  WS. 

Woodruff  to  be  the  fastest  horse  he  ever  drove.  The 
champion  of  the  turf  is  "  Dexter/'  with  sinewy  form, 
and  joints  like  a  greyhound,  compactly  built,  dark 
brown  in  color,  with  four  white  feet,  and  a  white  nose 
and  streak,  a  bright  clear  eye,  and  a  flowing  tail.  He 
has  made  a  mile  in  2.1 7i  in  harness,  and  2.18  to 
saddle.  The  turf  annals  of  the  world  present  no 
parallel  to  this.  Mr.  Bonner  buys  his  horses  for  his 
own  pleasure.  He  drives  them  himself,  and  is  one  of 
the  best  horsemen  in  the  country.  He  will  not  allow 
his  horses  to  be  used  for  show  or  for  gain.  He  races 
with  nobody,  and  bets  with  nobody.  If  any  team 
can  make  faster  time  than  his,  driven  by  the  owner, 
ten  thousand  dollars  are  deposited,  and  that  owner 
may  apply  that  sum  to  any  benevolent  cause  that  he 
pleases.  Millionnaires  gnash  their  teeth  as  Bonner 
drives  by  them.  There  are  horsemen  in  New  York  who 
would  give  twenty-five  thousand  dollars  for  a  pair  of 
horses  that  would  make  Bonner  take  their  dust.  If 
Bonner's  team  is  beaten,  the  owner  must  do  as  he  does, 
drive  it  himself.  Of  the  speed  of  his  horses  he  is  his 
own  judge.  He  will  buy  anything  that  will  beat  the 
world.  When  a  horse  is  presented  to  him  for  trial,  he 
appears  in  full  riding  costume,  with  gloves,  whip,  and 
watch  in  hand.  He  does  not  allow  the  owner  to 
handle  the  ribbons. 

bonner's  mews. 

Mr.  Bonner's  stables  are  located  on  Twenty-seventh 
Street.  The  building  is  a  plain  brick  one,  with  every- 
thing for  convenience  and  comfort,  and  nothing  for 
show.     The  front  part  contains  the  carriage-house,  liar- 


BONNER'S  ME  TTS.  227 

ness-room,  wash-house,  and  the  place  where  the  feed  is 
mixed.  In  the  rear  are  the  stables.  Dexter  and 
Peerless  have  box-stalls,  and  are  never  tied.  The  other 
horses  are  in  ordinary  stalls.  Three  persons  are  em- 
ployed constantly  to  take  care  of  the  horses.  Within 
the  enclosure,  but  outside  of  the  stables,  is  a  track 
covered  with  tan  bark,  on  which  the  horses  are  daily 
exercised,  one  hour  in  the  morning  and  in  the  evening. 
The  horses  are  fed  four  times  a  day,  at  six,  nine,  one, 
and  nine  at  night.  A  small  allowance  of  hay  is  given 
once  a  day.  After  eating  they  are  muzzled,  to  prevent 
them  from  devouring  their  bedding,  and  they  are  kept 
muzzled  all  night.  In  the  winter  Mr.  Bonner  drives 
but  one  horse  at  a  time,  and  usually  the  Auburn  Horse. 
Dexter  and  the  other  fleet  horses  are  seldom  used  in 
the  winter,  but  are  reserved  for  fast  trotting  in  the 
spring.  Great  care  is  taken  of  the  feet  of  the  horses. 
To  this  Mr.  Bonner  gives  personal  attention.  He  has 
mastered  the  subject,  as  he  has  newspaper  business. 
He  has  a  theory  of  his  own,  which  has  proved  eminent- 
ly successful  in  the  treatment  of  his  own  horses,  and 
has  enabled  him  to  remove  the  lameness  from  the 
valuable  horses  of  his  neighbors  and  friends.  The  idea 
that  the  speed  to  which  these  horses  are  put  is  a 
damage  to  them  is  as  fallacious  as  it  is  to  assert  that  it 
hurts  an  eight-mile-an-hour  horse  to  drive  him  at  that 
speed.  Some  of  these  fast  horses  Mr.  Bonner  has 
owned  many  years.  They  are  faster  now  than  when 
he  bought  them.  Lantern  is  nineteen  years  old,  and  is 
as  sound  and  fleet  as  when  he  was  ten.  The  men  who 
have  charge  of  these  horses  are  cs  careful  and  tender 
of  them  as  is  a  kind  nurse  of  a  child.     In  the  stable 


228  AS  A  MAN. 

there  is  every  convenience  imaginable  that  a  horse  can 
require,  —  tools  for  fitting  shoes,  grooming  the  animals, 
making  the  wagons  safe,  with  medicines,  and  all  the 
appliances  of  a  first-class  stable.  The  horses  are  said  to 
have  cost  Mr.  Bonner  over  two  hundred  thousand  dol- 
lars.    They  could  not  be  bought  for  double  that  sum. 

AS   A    MAN. 

There  is  a  frank,  hearty  manliness  about  Mr.  Bonner 
which  binds  his  friends  to  him.  The  eminent  men 
who  have  written  for  his  paper  form  attachments  to 
him  that  death  only  severs.  Mr.  Everett  conceived  a 
warm  and  glowing  regard  for  him  that  was  foreign  to 
his  cold  nature.  His  manuscript  oration  on  Washing- 
ton, elegantly  bound,  he  sent  as  a  token  of  his  personal 
regard  to  the  editor  of  the  Ledger.  Mr.  Bonner's  office 
is  a  curiosity.  It  is  a  workshop,  plainly  furnished.  His 
table  is  loaded  down  with  letters,  manuscripts,  and  doc- 
uments. What  is  confusion  to  others  is  order  to  him. 
The  system  with  which  he  conducts  his  business  is  per- 
fect. Any  letter  that  he  wants,  or  any  number  of 
the  Ledger  containing  a  given  article,  is  produced  at 
once.  No  man  attends  more  closely  to  his  business,  or 
spends  more  hours  in  his  office.  Nothing  goes  into  the 
Ledger  without  his  supervision;  and  the  sharp,  crisp 
editorials,  always  compact,  and  often  keen  as  a  two- 
edged  sword,  are  from  his  own  pen.  His  office  is 
adorned  with  likenesses  of  his  prominent  contributors 
and  his  celebrated  horses.  Horseshoes,  and  the  para- 
phernalia of  fast  driving,  lie  around.  He  has  made  the 
horse  his  study  for  years,  and  has  a  better  knowledge 
of  a.  horse's  foot  than  any  surgeon  in  the  world.    Mr. 


AS  A  MAN.  229 

Bonner  is  in  the  prime  of  life.  He  is  short,  thick-set, 
and  compactly  built.  His  hair  is  sandy,  his  complexion 
florid,  his  forehead  high  and  intellectual,  his  eye 
piercing,  and  his  whole  manner  frank,  genial,  and 
buoyant."  He  does  nothing  for  show.  He  lives  com- 
fortably, but  without  ostentation,  in  a  plain  brick  house. 
His  wagons  are  in  the  usual  style, -made  substantially. 
His  country  seat,  at  Morrisania,  is  elegant  and  com- 
modious, about  which  there  is  no  tinsel  nor  dash.  He 
is  a  fine  specimen  of  what  good  principles,  excellent 
physical  culture,  perseverance,  and  industry  can  do  for 
a  man.  The  position  he  now  occupies  he  looked  to 
when  he  was  a  printer's  lad  in  the  office  of  the  old 
Courant,  He  attempted  no  eccentric  things,  sought  for 
no  short  cross-paths  to  success.  He  mastered  his  trade 
as  a  printer  patiently  and  perfectly.  He  earned  every 
position  before  he  assumed  it,  and  earned  his  money 
before  he  spent  it.  In  New  York  he  was  preferred 
because  he  did  his  work  better  than  others.  He  was 
truthful,  sober,  honest,  and  industrious.  If  he  took  a 
job,  he  finished  it  at  the  time  and  in  the  manner  agreed 
upon.  He  borrowed  no  money,  incurred  no  debts,  and 
suffered  no  embarrassments.  In  some  of  his  great 
enterprises  he  put  up  every  dollar  that  he  had  in  the 
world.  If  he  lost,  he  alone  would  suffer ;  and  he  knew 
he  could  go  to  work  and  earn  his  living.  He  has 
never  allowed  the  Ledger  to  be  so  dependent  on  one 
man,  or  on  one  set  of  men,  that  it  could  not  go  on  suc- 
cessfully if  each  should  leave.  The  Ledger  is  now  the 
most  prominent  and  popular  publication  in  the  world. 
It  is  without  a  rival  in  the  ability  with  which  it  is  con- 
ducted, and  in  its  circulation. 


230  AS  A  MAN. 

In  his  style  of  living,  Mr.  Bonner  is  as  simple  and 
unostentatious  as  can  well  be  conceived.  He  lives  in  a 
plain  brick  mansion,  which  he  bought  many  years  ago 
with  his  first  earnings.  It  is  his  boast  that  his  horses 
are  as  well  cared  for,  and  have  rooms  as  airy  and  com- 
fortable as  he  assigns  to  himself  His  marble  build- 
ing, known  as  the  Ledger  Building,  is  severely  simple, 
but  massive  and  commodious.  His  great  recreation  is 
with  his  horses, — not  even  these  interfere  with  his 
business.  Late  in  the  afternoon,  when  the  day's  work 
is  completed,  Mr.  Bonner  starts  for  his  stables.  The 
team  assigned  for  the  afternoon's  drive  is  ready.  He 
decks  himself  in  his  road  gear,  and  with  the  ribbons 
in  his  fingers,  moves  onwards  through  the  Park  for  his 
daily  drive.  His  coming  is  awaited  by  the  crowds, 
who  gather  around  the  hotels,  and  never  tire  of  the 
matchless  speed  of  Bonner's  horses.  How  he  appears 
on  the  road,  and  how  he  drives,  will  be  presented  in 
the  article  in  which  Wall  street  exhibits  its  -fast  teams. 


XV. 
BENNETT.  OF  THE  NEW  YORK  HERALD. 

Early  Life. — New  York  Cabeeb. — As  a  Journalist. — Starts  the  New 
Yobk  Herald. — Herald  Buildings. — Arrangement  Inside. — Edi- 
torial Council. — Domestic  Life. — The  Household. — Foreign  Em- 
bassy.— Personals. 

Oxe  of  the  most  marked  men  in  New  York,  re- 
garded from  any  standpoint,  is  James  Gordon  Bennett 
of  the  Xew  York  Herald.  Whether  we  regard  his 
humble  origin,  his  bold  and  successful  journalism,  his 
early  struggles,  his  triumphant  success  against  all  odds, 
his  massive  fortune,  or  the  influence  of  his  paper,  which 
is  felt  in  every  part  of  the  civilized  world,  the  man  is 
in  every  relation  a  marvel.  The  English  press  were 
indebted  to  the  Xew  York  Herald  for  their  news  about 
the  operations  of  their  own  armies  on  their  own  soil. 
The  paper  is  read  in  the  Tuilleries.  Whoever  visits 
Mr.  Gladstone's  private  office  in  Downing  street,  will 
find  a  well  preserved  file  of  the  Herald  in  a  place  of 
honor.  In  the  American  Bankers'  rooms,  in  every 
city  in  the  world,  the  Herald  is  read  till  the  paper 
parts  between  the  fingers.  Many  men  in  Xew  York 
refuse  to  pay  for  the  Herald,  but  all  business  men 
read  it,  whether  they  like  it  or  not.  Mr.  Bennett  was 
born  in  Scotland — he  is  now  seventy  years  of  age. 
His  parents  were  Roman  Catholics,  but  his  uncle,  a 

(231) 


232  NEW  YORK  CAREER.— AS  A  JOURNALIST. 

Presbyterian  minister,  had  great  influence  over  his  ed- 
ucation. Burns'  ''Saturday  Night"  describes  the  cus- 
toms of  the  family  in  which  Mr.  Bennett  was  trained. 

HIS   NEW    YORK    CAREER. 

I 

Mr.  Bennett  came  to  New  York  in  1822.  He  im- 
mediately connected  himself  with  the  press,  for  which 
he  had  a  decided  taste.  He  was  not  dainty  in  his 
work.  He  took  anything  that  came  along.  He  was 
industrious,  sober,  frugal,  of  great  tact,  and  displayed 
marked  ability.  He  soon  obtained  a  position  on  the 
Charleston  Courier  as  translator  of  Spanish-American ' 
papers.  He  prepared  other  articles  for  the  Courier, 
many  of  which  were  in  verse.  His  style  was  sharp, 
racy,  and  energetic.  On  returning  to  New  York  he 
proposed  to  open  a  permanent  commercial  school  on 
Ann  Street,  near  Nassau,  and  issued  his  prospectus. 
The  plan  was  not  consummated.  But  he  gave  a  course 
of  lectures  on  political  economy  in  the  North  Dutch 
Church. 

AS   A   JOURNALIST. 

Mr.  Bennett,  in  1825,  became  proprietor  of  the  New 
York  Courier  by  purchase.  It  was  a  Sunday  paper, 
but  was  not  a  success.  As  a  reporter  and  writer  he 
was  connected  with  several  journals.  In  1826  he 
became  associate  editor  of  the  National  Advocate,  a 
Democratic  paper.  The  next  year  the  Advocate  es- 
poused the  cause  of  John  Quincy  Adams,  while  Mr. 
Bennett  was  a  warm  partisan  of  Jackson.  Leaving  the 
Advocate,  Mr.  Bennett  became  associate  editor  of  the 
Inquirer,  conducted  by  M.  M.  Noah.  He  was  also  a 
member  of  Tammany  Society,  and  a  warm  partisan. 


STARTS  THE  NEW  YORK  1 1  Ell  A  1.1k  233 

During  the  sessions  of  Congress,  Mr.  Bennett  was  at 
the  Capital,  writing  for  his  paper ;  and  while  at  that 
post  a  fusion  was  effected  between  the  Courier  and 
Inquirer.  He  continued  in  his  position  as  associate 
editor  and  Washington  letter-writer  till  1832.  Mr. 
Bennett  sustained  General  Jackson  in  his  war  on  the 
United  States  Bank.  The  Courier  and  Inquirer,  under 
Mr.  Webb,  sustained  the  Bank.  This  difference  led 
Mr.  Bennet,  to  leave  the  concern.  He  wrote  much  for 
the  press,  and  his  peculiarly  cutting  and  slashing  style 
made  his  articles  very  effective.  He  studied  the  New 
York  press  very  closely.  He  felt  that  it  was  not  what 
the  age  demanded,  and  resolved  to  establish  a  paper 
that  should  express  his  idea  of  a  metropolitan  journal. 
He  had  no  capital,  no  rich  friends  to  back  him,  —  noth- 
ing but  his  ability,  pluck,  and  indomitable  resolution. 

STARTS    THE    NEW    YORK    HERALD. 

On  the  6th  day  of  May,  1835,  the  New  York  Herald 
was  issued  from  No.  20  Wall  Street.  It  was  a  small 
penny  sheet.  Mr.  Bennett  was  editor,  reporter,  and 
correspondent.  He  collected  the  city  news,  and  wrote 
the  money  articles.  He  resolved  to  make  the  financial 
feature  of  his  paper  a  marked  one.  He  owed  nothing 
to  the  Stock  Board.  If  he  was  poor,  he  was  not  in 
debt.  He  did  not  dabble  in  stocks.  He  had  no  interest 
in  the  bulls  or  bears.  He  did  not  care  whether  stocks 
rose  or  fell.  He  could  slash  into  the  bankers  and  stock- 
jobbers as  he  pleased.  He  worked  hard.  He  rose 
early,  was  temperate  and  frugal,  and  seemed  to  live 
only  for  his  paper.  He  was  his  own  compositor  and 
errand  boy,  collected  his  own  news,  mailed  his  papers, 


234  HERALD  BUILDING. 

kept  his  accounts,  and  thus  laid  the  foundation  of  that 
great  success  that  has  made  his  name  as  familiar  on  the 
Thames  and  Danube  as  it  is  on  the  Hudson. 

HERALD   BUILDING. 

Opposite  the  Astor,  on  the  site  of  the  old  Museum, 
stands  the  marble  palace  known  as  the  Herald  Build- 
ing. It  is  the  most  complete  newspaper  establishment 
in  the  world.  The  little,  dingy,  story-and-a-half  brick 
building,  standing  back  from  the  street  up  a  court,  and 
known  in  London  as  the  a  Times  Printing  Office,"  would 
not  be  used  for  a  third-rate  American  paper.  Before 
the  Herald  buildings  were  completed,  and  while  Mr. 
Bennett  was  making  a  savage  assault  on  the  National 
Banks,  he  was  waited  upon  by  the  president  of  one  of 
the  banks,  who  said  to  him,  a  Mr.  Bennett,  wTe  know 
that  you  are  at  great  expense  in  erecting  this  building, 
besides  carrying  on  your  immense  business.  If  you 
want  any  accommodation  you  can  have  it  at  our 
banks."  Mr.  Bennett  replied,  "  Before  I  purchased 
the  land,  or  began  to  build,  I  had  on  deposit  two 
hundred  and  fifty  thousand  dollars  in  the  Chemical 
Bank.  There  is  not  a  dollar  due  on  the  Herald  build- 
ings that  I  cannot  pay.  I  would  pay  off  the  mortgage 
to-morrow  if  the  owner  would  allow  me  to.  When  the 
building  is  open  I  shall  not  owe  one  dollar  to  any 
man,  if  I  am  allowed  to  pay.  I  owe  nothing  that  I 
cannot  discharge  in  an  hour.  I  have  not  touched  one 
dollar  of  the  money  on  deposit  in  the  bank,  and  while 
that  remains  I  need  no  accommodation." 


ARRANGEMENTS  IXSIDE. 


ARRANGEMENTS    INSIDE. 

The  Herald  building  has  two  stories  below  the  side- 
walk, in  which  are  located  two  engines  of  thirty-live 
horse  power  each,  ready  for  action  at  a  moment's 
notice.  If  one  fails,  the  other  will  strike  off  the  edi- 
tion. Three  huge  Hoe's  presses  throw  off  twenty- 
six  sheets  at  once.  The  presses  run  from  twelve  at 
night  till  seven  in  the  morning  to  print  the  daily  issue. 
The  edition  varies  from  three-  to  five  hundred  thousand. 
The  engine  and  press  rooms  are  kept  in  perfect  order. 
The  proprietor  makes  constant  visits  to  every  part  of 
the  establishment,  and  allows  no  confusion  or  untidi- 
ness. The  first  story  is  the  Herald  office,  fitted  with 
the  neatness  and  system  of  a  bank.  Every  department 
has  a  responsible  head.  On  the  third  floor  the  paper 
is  edited.  It  has  a  force  of  twelve  editors,  thirty-five 
reporters,  and  five  hundred  men  in  all.  The  principal 
room  is  the  council  room.  It  Dices  St.  Paul's  on  Broad- 
way. It  is  elegantly  furnished  with  black  walnut 
furniture  The  chairs  are  carved,  and,  with  the  lounge, 
are  handsomely  covered  with  maroon  leather.  A  long 
table,  around  which  twelve  persons  can  sit,  runs  the 
length  of  the  room.  A  bronze  bust  of  Mr.  Bennett 
stands  on  a  pedestal  at  one  end.  The  walls  arc  adorned 
with  portraits  of  young  Bennett,  Robert  Burns,  and 
favorite  characters.  Opening  from  this  is  a  handsome 
library,  fdled  with  important  books  for  reference.  The 
editorial  rooms,  and  rooms  for  reporters  and  writers, 
occupy  the  entire  floor.  A  small  winding  stairway 
leads  from  the  entrance  on  Ann  Street  to  the  editorial 
rooms.     At  the  top  of. the  stairs  a  colored  gentleman 


V 

236  EDITORIAL  COUNCIL. 


demands  your  business  and  your  card.  The  visitor  is 
ushered  into  a  small  reception-room,  occupied  almost 
entirely  by  an  immense  round  table,  files  of  papers,  and 
a  few  chairs.  If  persons  cannot  sit  they  can  stand. 
Visitors  are  seldom  allowed  in  the  editorial  rooms. 
The  parties  whom  they  call  to  see  meet  them  in  the 
reception-room.  The  composition  room  is  under  the 
French  roof,  large,  airy,  and  complete.  Every  issue  of 
the  Herald  is  electrotypecl,  and  there  is  a  room  for  that 
purpose  in  the  building.  A  dummy  lowers  the  form 
down  to  the  pi  ess-room. 

EDITORIAL    COUNCIL. 

The  Herald  is  edited.  Nearly  every  other  paper  in 
the  country  is  conducted  by  a  journalist;  that  is,  the 
editor  writes  his  own  leaders.  The  editor-in-chief  of 
the  Herald  seldom  writes  an  editorial.  At  twelve 
o'clock  each  day  the  editors  meet  in  the  council-room. 
If  Mr.  Bennett  is  in  the  city,  he  presides  ;  if  not,  young 
James  presides.  A  list  of  subjects  is  presented  by  Mr. 
Bennett,  and  these  are  discussed.  If  he  wants  any 
subject  written  upon,  he  gives  out  the  heads  in  his  dry, 
terse,  grotesque  way.  If  taken  clown  just  as  he  states 
them,  they  would  be  very  effective,  though  comical. 
The  subjects  may  be  Phillips's  last  speech,  the  action 
of  Congress,  new  move  of  the  President,  the  situation 
abroad,  or  the  last  purchase  of  Mr.  Seward.  To  each 
editor  a  subject  is  given,  or  one  man  is  selected  to 
write  on  a  given  matter.  The  editor  decides  what 
shall  be  written,  dictates  the  points,  orders  such  an 
article  for  such  a  clay,  and  to  be  written  in  such  a  man- 
ner.    Everything  is  decided  by  the  editor  before  the 


DOMESTIC  LIFE.  2  3  7 

council  breaks  up.  Then  subjects  are  called  for  from 
the  editors,  and  suggestions  solicited  ;  but  Mr.  Bennett 
decides  whether  they  shall  be  written  upon  or  not. 
In  business,  Mr.  Bennett  is  shrewd,  sharp,  and  prudent. 
If  he  pays  a  dollar  he  expects  to  get  a  dollar's  worth 
for  it.  He  often  seems  rough  and  impatient,  and  he 
is  prompt  and  decided. 

DOMESTIC    LIFE. 

In  his  house  he  is  genial,  liberal,  and  kind.  He  dis- 
penses an  elegant  hospitality.  No  English  nobleman, 
with  an  income  of  fifty  thousand  pounds,  lives  in  a  style 
more  generous  than  he  in  his  city  residence  on  Thirty- 
eighth  Street  and  Fifth  Avenue.  His  favorite  residence 
is  on  Fort  Washington.  Here  he  receives  his  friends 
in  a  principality  of  his  own.  He  has  a  great  deal  of 
company,  and  has  everything  to  make  guests  happy. 
He  leaves  each  one  to  enjoy  himself  as  he  pleases  —  a 
thing  very  rare  in  America.  On  entering  Mr.  Bennett's 
mansion  as  a  guest,  the  visitor  will  find  every  attention 
he  can  desire  and  every  elegance  that  can  make  him 
happy.  A  French  cook,  bowling  and  billiard  rooms, 
horses  and  carriages  in  the  stable,  a  steamboat  to  sail 
up  and  down  the  Hudson,  are  at  his  service.  At  dinner 
all  the  guests  are  expected  to  be  present  at  a  given 
hour.  At  the  other  meals  each  one  does  as  he  pleases. 
The  guest  comes  down  to  breakfast  at  any  hour,  and 
orders,  as  if  at  a  hotel. 

On  a  lounge  or  an  old  sofa  the  host  will  be  found, 
with  his  floor  strewed  with  books  and  papers.  He 
usually  gees  to  his  office  on  pleasant  days.  It  is  the 
duty  of  one  of  the  editors  to  mark  with  a  blue  or  red 


238  DOMESTIC  LIFE. 

pencil  all  paragraphs  in  the  papers,  personal,  financial, 
political,  acts  of  Congress,  &c.  Those  that  have  an 
interest  to  the  editor-in-chief  are  sent  to  Mr.  Bennett, 
and  his  eye  catches  at  a  glance  the  stirring  events  of 
the  clay.  A  telegraph  wire  connects  Mr.  Bennett's  room 
at  Fort  Washington  with  his  son's  room  in  New  York. 
The  bell  ringing  three  times  indicates  that  Mr.  Bennett 
has  something  to  say.  The  father  and  son  talk  as  if  in 
an  adjoining  room.  "  Don't  put  in  that  article "  — 
"  Publish  that  editorial  on  Congress  "  —  "  Come  home 
to  dinner,"  —  with  other  matters,  are  rattled  over  the 
wires.  Mr.  Bennett  is  a  great  student  of  history.  He 
studies  Cromwell  and  Bonaparte,  Biddle  and  Jackson, 
and  delights  in  the  history  and  scandal  of  the  times. 
His  philosophy  is  of  the  type  that  laughs  at  all  public 
things,  and  he  looks  at  public  acts  from  this  standpoint. 
But  no  man  is  more  genial  in  his  home.  His  two  great 
loves  are  his  son  and  his  paper.  He  makes  few  out- 
side calls,  and  will  not  attend  balls,  parties,  or  soirees, 
except  in  his  own  mansion.  He  is  a  fast  friend ;  and 
when  he  takes  one  to  his  bosom  he  takes  him  with  all 
his  faults,  and  holds  fast  to  him  through  good  report 
and  through  evil.  Those  who  visit  him  find  all  sorts  of 
guests  —  French,  Germans,  Italians,  English,  with  men 
of  all  ranks.  All  who  have  any  claim  upon  Mr.  Ben- 
nett are  sure  of  a  welcome.  He  knows  how  to  dis- 
tinguish between  those  who  come  as  friends  and  those 
who  come  to  obtain  a  boon,  or  obtrude  business  upon 
him  in  his  retirement.  He  is  up  very  early  around  his 
grounds,  but  allows  his  guests  to  sleep  as  long  as  they 
please.  He  dislikes  to  read  of  the  death  of  men  who 
were  young  when  he  was  young.     It  fijls   him  with 


THE  HOUSEHOLD.  230 

melancholy,  that  lasts  a  long  time.  His  life  is  v 
regular,  his  constitution  is  of  iron,  and  he  is  guilty  of 
no  excess.  He  is  careful  of  exposure,  drinks  no 
stimulating  liquors,  does  not  use  tobacco,  and  excite- 
ments do  not  touch  him.  There  are  probably  twenty 
years  more  of  wear  in  him.  He  is  very  liberal  in  his. 
way.  He  supports  several  widows,  by  a  regular  instal- 
ment paid  weekly,  whose  husbands  were  young  when 
Mr.  Bennett  was  young,  or  were  fellow-craftsmen  of  his 
when  he  was  struggling  for  a  foothold  in  this  city. 

THE    nOUSEHOLD. 

Mrs.  Bennett  is  a  remarkable  lady,  possessing  great 
force  of  character.  Her  long  residence  abroad,  for  the 
purpose  of  educating  her  son,  made  her  familiar  with 
the  languages  of  Europe.  She  speaks,  with  the  fluency 
of  a  native,  French,  German,  Italian,  and  Spanish. 
She  has  presided  at  the  table  around  which  sat  the 
Spanish  and  Italian  admirals,  the  French  commander, 
and  the  German  ambassador.  "With  each  of  these 
officials  she  maintained  a  conversation  in  his  own  lan- 
guage, without  hesitation  or  embarrassment,  as  if  she 
had  never  spoken  any  other.  The  Herald  is  indebted 
to  Mrs.  Bennett  for  the  establishment  of  the  foreign 
correspondence,  which  is  so  marked  a  feature  in  that 
print.  Her  letters  from  foreign  capitals  during  her 
residence  abroad  *were  marked  by  taste,  tact,  and  talent. 
She  is  genial  and  accomplished  as  a  hostess,  and  gives 
a  charm  to  the  elegant  home  over  which  she  presides. 

Mr.  Bennett's  daughter,  Janette,  is  quite  young, 
cultivated  and  accomplished.  Like  her  mother,  she  is 
familiar  with  all  the  tongues  of  the  continent,  and  in 


240  THE  HOUSEHOLD. 

her  education  enjoys  all  the  advantages  that  wealth 
and  liberality  can  bestow. 

Young  Bennett,  named  after  his  father,  is  one  of  the 
best  educated  young  men  in  the  country.  He  has 
probably  a  better  practical  education  than  any  other. 
He  enjoyed  great  advantages,  as  he  spent  the  most  of 
his  younger  years  abroad,  and  was  trained  in  every 
accomplishment.  He  can  speak  fluently,  and  also 
write  French,  German,  Italian,  and  Scotch.  On  com- 
ing home,  his  father  resolved  to  fit  him  to  take  his 
place  in  carrying  on  the  Herald  establishment.  Young 
Bennett  set  type,  and  learned  all  the  mysteries  of  the 
craft  as  a  printer.  He  studied  engineering,  and  knows 
how  to  run  the  huge  machines  in  the  basement  of  the 
building.  He  can  work  at  the  press.  He  is  master  of 
the  art  of  electrotyping.  He  can  telegraph  with  skill 
and  accuracy.  And  the  toys  of  his  boyhood  were 
miniature  steam  engines,  small  telegraph  machines, 
with  juvenile  fonts  of  type  and  presses.  He  has  marked 
business  and  executive  ability,  and  devotes  more  hours 
to  his  office  than  any  young  man  in  the  city.  He  has 
the  entire  management  of  the  immense  business  of  the 
Herald.  He  presides  at  the  council  in  the  absence  of 
his  father,  and  conducts  the  affairs  of  the  office  in  the 
same  prompt,  decided  manner.  He  edits  the  Telegram, 
and  owns  the  Weekly.  He  never  leaves  his  office 
during  business  hours,  and  is  always  at  his  post  except 
a  few  weeks  in  summer,  wrhen  he  follows  his  favorite 
pastime  of  yachting.  He  is-  not  only  the  business 
manager  of  the  Herald,  and  has  to  attend  to  all  the 
calls,  but  he  is  the  active  editor,  and  manages  the 
finances.     He  goes  over  the  accounts  daily,  and  knows 


FOREIGN  EM B a.  241 

how  tke  affairs  stand,  to  a  dollar,  before  he  leaves  the 
office  at  night.  He  visits  every  part  of  the  establish- 
ment during  the  day,  from  the  press-room  to  the  upper 
room  for  composition.  Young  Bennett  is  tall  and  slim. 
His  lace  is  thin,  his  eye  pleasant,  his  nose  prominent, 
and  his  smile  attractive.  He  is  courteous  in  conversa- 
tion, and  there  is  a  repose  about  him  which  indicates 
ability  to  fill  the  position  he  occupies.  He  is  frank, 
manly,  and  generous.  He  has  many  traits  of  character 
that  are  ascribed  to  Prince  Alfred,  the  royal  sailor- 
son  of  Victoria.  A  warm  friendship  sprang  up  be- 
tween the  Duke  of  Edinburgh  and  young  Bennett, 
when  the  latter  was  in  London.  An  officer  high  in 
rank  in  the  British  navy  told  me  that  after  young 
Bennett  had  tendered  his  celebrated  yacht  to  the 
Prince,  Alfred  pleaded  earnestly  with  his  sovereign 
mother  to  allow  him  to  accept  the  generous  gift. 
Advised  by  her  ministers  that  it  would  not  do,  she 
positively  forbade  the  acceptance.  Of  course  Prince 
Alfred  would  have  acknowledged  the  gift  by  a  princely 
reciprocation.  But  the  history  of  the  Henrietta  was  so 
romantic,  the  offer  was  so  generous,  the  owner  had 
shown  so  much  pluck  in  crossing  the  Atlantic,  and  was, 
withal,  so  genial,  so  cultivated,  and  so  manly,  that  the 
heart  of  the  prince  was  completely  won.  And  this 
testimony  I  heard  continued  on  all  sides  during  my 
stay  in  London. 

FOREIGN   EMBASSY. 

The  French  mission  was  offered  to  Mr.  Bennett  by 
the    President,    without     his     solicitation.       He     per- 
emptorily declined    it,  on  the   ground  that  he  would 
16 


242  PERSONAL. 

not  be  bothered  with  the  duties  attached  to  the  posi- 
tion. "  If  I  wanted  to  go  to  Europe,"  said  Mr.  Ben- 
nett, u  I  would  take  fifty  thousand  dollars,  and  go  at 
my  leisure."  Soon  after  he  declined  the  post,  Mr. 
Seward  visited  New  York.  A  mutual  friend  stepped 
over  to  the  Herald  office  and  announced  the  fact  to 
Mr.  Bennett,  and  asked  him  to  walk  over  and  see  the 
secretary.  "  I  have  no  business  with  Mr.  Seward," 
replied  the  editor ;  "  if  he  wishes  to  see  me  he  can  call 
and  see  me."  Mr.  Bennett  regards  himself  as  a  repre- 
sentative man,  who  is  to  be  called  upon  by  all  who 
wish  to  see  him.     He  carries  this  rule  to  great  lengths. 

PERSONAL. 

Mr.  Bennett  is  tall,  and  marked  in  appearance.  Like 
Commodore  Vanderbilt,  nobody  passes  him  without 
turning  to  take  a  second  look.  His  form  is  genteel, 
and  he  is  as  erect  as  a  Mohawk  Indian.  He  dresses  in 
good  taste,  without  imitating  either  a  sloven  or  a  snob. 
His  hair  is  white  and  flowing,  giving  him  a  venerable 
look.  The  lines  of  his  face  are  hard,  and  indicate 
talent  and  determination.  In  an  omnibus  or  car  he 
would  command  general  attention.  He  could  easily 
be  mistaken  for  a  clergyman,  a  professor  in  a  college, 
or  for  one  of  the  solid  merchants  of  the  city.  He  can 
command  the  best  talent  in  the  world  for  his  paper. 
He  pays  liberally  for  fresh  news  of  which  he  has  the 
exclusive  use.  If  a  pilot  runs  a  hazard,  or  an  engineer 
puts  extra  speed  on  to  his  locomotive,  they  know  that 
they  will  be  well  paid  at  the  Herald  office,  for  its 
editor  does  not  higgle  about  the  price. 


PERSONAL.  243 

The  marvelous    enterprise  of   the    Herald  attracts 
universal  at  trillion.     Every  morning  the  columns  are 

loaded  with  intelligence  from  every  part  of  the  world, 
and  news  of  every  character  comes  to  the  tables  of  its 
patrons  with  the  early  light  of  day.  The  audacity 
and  persistency  of  the  employees  of  the  paper  are 
proverbial.  Secret  state  papers  are  promulgated  in 
the  Herald.  The  Grand  Council  of  the  Vatican,  now 
in  session  at  Rome,  is  under  the  sacred  sanction  of 
secrecy ;  yet,  private  debates,  remarks  of  the  Pontiff, 
valuable  papers,  and  the  purposes  of  Dignitaries,  that 
are  not  even  expressed  in  open  council,  are  sent  quiv- 
ering over  the  wires  to  the  Herald  Building,  to  the 
astonishment  and  alarm  of  dignities.  The  Herald 
pays  for  all  the  news  sent  to  it,  pays  liberally  and 
without  higgling.  It  must  be  news — news  of  interest 
— news  given  exclusively  to  the  Herald.  Any  time 
of  night  or  day,  the  Herald  is  open  for  intelligence. 
If  a  pilot  runs  great  risks  to  bear  early  and  important 
information  of  a  disaster  outside,  he  knows  where  to 
carry  his  news,  and  where  he  will  get  his  pay.  Should 
an  engineer  charter  an  extra  train,  or  ruin  a  locomo- 
tive in  reaching  the  Herald  Office  with  an  important 
despatch,  he  knows  he  would  receive  a  check  to  cover 
his  loss.  During  the  war,  the  Herald  establishment  at 
Washington  was  as  much  a  place  of  business  as  the 
War  Department.  Saddle-horses  were  tied  in  front, 
ready  for  service.  Men  connected  with  the  Press, 
who  could  be  outdone,  outrun,  outwritten,  or  outsold, 
were  not  wanted  on  the  Herald.  The  telegraph  wires 
were  monopolized  up  to  the  latest  moment  that  mes- 
sages could  be  printed  in  New  York ;  men  on  foaming 


244  PERSONAL. 

steeds,  and  bespattered  letter  writers,  came  tearing 
into  the  city  from  a  circuit  of  fifty  miles,  bringing  up 
the  latest  intelligence  from  every  quarter.  On  one 
occasion  the  wires  were  engaged,  but  the  messenger 
was  delayed.  The  rule  of  the  office  required  that  the 
wires  should  be  employed,  or  they  could  not  be  held. 
Equal  to  the  emergency,  the  Herald  correspondent 
kept  his  post.  He  commenced  with  one  of  the  knotti- 
est chapters  in  the  Book  of  Chronicles,  and  sent  over 
the  wires  several  hundred  of  the  hardest  names  in  that 
wonderful  record.  Before  the  book  was  exhausted 
the  messenger  arrived.  The  whole  establishment  of 
the  Herald  is  run  on  a  gigantic  scale,  and  with  a 
system  and  ability  that  no  other  business  in  the  city 
excels.  It  requires  courage,  and  a  large  heart,  to 
make  the  vast  expenditures  necessary  to  carry  out  the 
plan  on  which  the  Herald  is  conducted.  But  the  har- 
vest is  a  golden  one.  The  profits  of  the  Herald  are 
estimated  by  financial  men,  to  be  not  less  than  three 
hundred  thousand  dollars  a  year. 


XVI. 
JACOB    LITTLE. 

Portrait.  —  Tiie  Great  Bear. — On*  the  Street.  —  Reverses.  —  Imita- 
tors.— Causes  of  Disaster. 

In  the  elegant  rooms  of  the  Stock  Exchange,  hangs 
the  portrait  of  Jacob  Little,  the  man  who  now  wears, 
and  first  wore,  the  title  of  the  Great  Bear  of  Wall  Street. 
The  post  of  honor  assigned  to  him,  on  the  right  of  the 
President,  was  well  won.  The  history  of  Wall  Street 
speculation,  success,  and  reverse,  could  not  be  faith- 
fully chronicled  if  the  name  of  Jacob  Little  were 
omitted.  The  picture  represents  a  man  in  the  prime 
of  mature  life,  tall,  slim,  "with  black  hair,  and  an  earnest, 
intelligent  look,  and  eminently  fitted  for  the  post  he 
occupied.  His  lesson  is  an  instructive  one.  Begin- 
ning with  nothing,  he  acquired  an  immense  fortune. 
Often  bankrupt,  still  pursuing,  he  held*  on  to  one  line 
of  operations  through  all  his  long  and  chequered 
career  ;  regaining  his  fortune  as  often  as  he  lost  it, 
and  losing  it  as  often  as  he  regained  it,  he  died  poor 
at  the  last,  and,  but  for  the  assistance  of  friends, 
would  have  died  in  want. 

THE  GREAT  BEAR.  « 

Jacob  Little  originated  the  daring,  dashing  style  of 
business  in  stocks,  by  which  fortunes  are  made  and  lost 

(245) 


246       THE  GREAT  BEAR.— ON  THE  STREET. 

in  a  day.  He  was  born  in  Newburyport,  Mass.,  and 
early  exhibited  great  tact  and  aptitude  for  business. 
In  1817  he  came  to  New  York,  and  entered  the  store 
of  Jacob  Barker,  who  was  at  that  time  the  most  shrewd 
and  talented  merchant  in  the  city.  He  remained  with 
his  master  five  years,  and  completed  his  financial  edu- 
cation. In  1822  he  opened  an  office  in  a  small  base- 
ment in  Wall  Street.  Caution,  self-reliance,  integrity, 
and  a  far-sightedness  beyond  his  years,  marked  his 
early  career.  For  twelve  years  he  worked  in  his  little 
den  as  few  men  work.  His  ambition  was  to  hold  the 
foremost  place  in  Wall  Street.  Eighteen  hours  a  day 
he  devoted  to  business  —  twelve  hours  to  his  office. 
His  evenings  he  spent  in  visiting  retail  houses  to  pur- 
chase uncurrent  money.  He  was  prompt,  energetic, 
reliable.  He  executed  all  orders  committed  to  him 
with  fidelity.  He  opened  a  correspondence  with  lead- 
ing bankers  in  all  the  principal  cities  from  New  York 
to  New  Orleans. 

t  ON    THE    STREET. 

Twelve  years  of  industry,  integrity,  and  energetic 
devotion  to  business  placed  Mr.  Little  at  the  head  of 
financial  operations  in  Wall  Street.  He  identified  him- 
self with  the  style  of  business  known  as  "  Bearing 
Stocks."  He  was  called  the  Great  Bear  on  'change. 
His  mode  of  business  enabled  him  to  roll  up  an  almost 
untold  fortune.  He  held  on  to  his  system  till  it  hurled 
him  down  and  beat  him  to  pieces,  as  it  had  clone  many 
a  strong  man  before.  For  more  than  a  quarter  of  a 
century  Mr.  Little's  office  in  the  old  Exchange  building 
was  the  centre  of  daring,  gigantic  speculations.  On 
'change  his  tread  was  that  of  a  king.     He  could  sway 


ON  THE  STREET.  247 

and  disturb  the  street  when  lie  pleased.  He  was 
rapid  and  prompt  in  his  dealings,  and  his  purchases 
were  usually  made  with  great  judgment.  He  had 
unusual  foresight,  which  at  times  seemed  to  amount  to 
prescience.  He  controlled  so  large  an  amount  of  stock 
that  he  was  called  the  Napoleon  of  the  Board.  When 
capitalists  regarded  railroads  with  distrust,  he  put  him- 
self at  the  head  of  the  railroad  movement.  He  com- 
prehended the  profit  to  be  derived  from  their  construc- 
tion. In  this  way  he  rolled  up  an  immense  fortune, 
and  was  known  everywhere  as  the  Railway  King. 

He  was  the  first  to  discover  when  the  business  was 
overdone,  and  immediately  changed  his  course.  At 
this  time  the  Erie  was  a  favorite  stock,  and  was  selling 
at  par.  Mr.  Little  threw  himself  against  the  street. 
He  contracted  to  sell  a  large  amount  of  this  stock,  to 
be  delivered  at  a  future  day.  His  rivals  in  Wall  Street, 
anxious  to  floor  him,  formed  a  combination.  They 
took  all  the  contracts  he  offered,  bought  up  all  the  new 
stock,  and  placed  everything  out  of  Mr.  Little's  reach, 
making  it,  as  they  thought,  impossible  for  him  to  carry 
out  his  contracts.  His  ruin  seemed  inevitable,  as  his 
rivals  had  both  his  contract  and  the  stock.  If  Mr. 
Little  saw  the  way  out  of  his  trouble,  he  kept  his 
own  secrets ;  he  asked  no  advice,  solicited  no  accommo- 
dation. The  morning  dawned  when  the  stock  must  be 
delivered,  or  the  Great  Bear  of  Wall  Street  break. 
He  came  down  to  his  office  that  morning  self-reliant 
and  calm  as  usual.  He  said  nothing  about  his  business 
or  his  prospect.  At  one  o'clock  he  entered  the  office 
of  the  Erie  company.  He  presented  certain  certificates 
of  indebtedness  which  had  been  issued  by  the  corpora- 
tion.   By  those  certificates  the  company  had  covenanted 


248  REVERSES. 

to  issue  stock  in  exchange.  That  stock  Mr.  Little 
demanded.  Nothing  could  be  done  but  to  comply. 
"With  that,  stock  he  met  his  contract,  floore.d  the  con- 
spirators, and  triumphed. 

Reverses  so  common  to  all  who  attempt  the  treach- 
erous sea  of  speculation  at  length  overtook  Mr.  Little. 
Walking  from  Wall  Street  with  a  friend  one  day  they 
passed  through  Union  Square,  then  the  abode  of  our 
wealthiest  people.  Looking  at  the  rows  of  elegant 
houses,  Mr.  Little  remarked,  "  I  have  lost  money  enough 
to-day  to  buy  this  whole  square.  Yes,"  he  added, 
"  and  half  the  people  in  it."  Three  times  he  became 
bankrupt,  and  what  was  then  regarded  as  a  colossal 
fortune  was  in  each  instance  swept  away.  In  each 
failure  he  recovered,  and  paid  his  contracts  in  full.  It 
was  a  common  remark  among  the  capitalists,  that 
"Jacob  Little's  suspended  papers  were  better  than  the 
checks  of  most  men." 

His  personal  appearance  was  commanding.  He  was 
tall  and  slim ;  his  eye  expressive ;  his  face  indicated 
talent ;  the  whole  man  inspired  confidence.  He  was 
retiring  in  his  manner,  and  quite  diffident  except  in 
business.  He  was  generous  as  a  creditor.  If  a  man 
could  not  meet  his  contracts,  and  Mr.  Little  was  satis- 
fied that  he  was  honest,  he  never  pressed  him.  After 
his  first  suspension,  though  legally  free,  he  paid  every 
creditor  in  full,  though  it  took  nearly  a  million  of  dol- 
lars. He  was  a  devout  member  of  the  Episcopal 
Church.  His  charities  were  large,  unostentatious,  and 
limited  to  no  sect.  The  Southern  Rebellion  swept 
away  his  remaining  fortune,  yet,  without  a  murmur, 
he  laid  the  loss  on  the  altar  of  his  country.  He  died 
in  the  bosom  of  his  family.  His  last  words  were,  "  I 
am  going  up.     Who  will  go  with  me  ?  " 


IMITATORS.  249 

IMITATORS. 

Not  only  in  the  style  of  his  business  does  Mr.  Little 
re-live  in  Wall  Street,  l>ut  so  he  lives  in  his  reverses. 
Out  of  the  countless  hundreds  who  have  been  earnest 
operators  on  the  street  for  the  last  half  century,  the 
number  who  have  escaped  the  reverses,  and  ruin  of 
his  gigantic  speculations,  can  be  counted  on  the  »ten 
fingers  of  any  man's  hand.  I  meet  occasionally  a  lady, 
clad  in  deep  mourning,  coming  from  the  elegant 
rooms  of  the  Mutual  Life,  where  she  goes  to  draw  an 
annuity  which  her  husband  was  induced  to  settle 
upon  her  in  his  brighter  days.  He  was  one  of  the 
boldest  and  most  successful  of  operators.  He  had  a 
lordly  mansion  in  the  city,  a  country  seat  in  Jersey, 
and  he  resolved,  to  have  the  finest  establishment  on  the 
Hudson  of  which  any  man  could  boast  between  the 
City  Hall  and  the  capitol  at  Albany.  A  hundred  men 
were  employed  to  put  his  grounds  in  order.  While 
he  was  absent  from  the  city  a  stringency  occurred  in 
•the  money  market,  and  loans  were  called  in.  His 
clerks,  not  knowing  what  to  do,  seized  a  quantity  of 
stock,  threw  it  on  the  market,  produced  a  panic,  and 
when  the  merchant  came  home,  he  found  himself  bank- 
rupt. He  died  soon  after,  leaving  his  family  penni- 
less. No  thrift,  no  forecast,  no  ability  can  foresee  or 
avert  these  disasters  that  come  like  a  gale  on  the 
ocean  and  sweep  everything  away.  I  pass  daily  a 
dwelling,  in  upper  New  York,  now  a  club  house.  It 
was  built  by  a  Wall  Street  speculator,  and  was  first- 
class.  A  house  warming  was  held  of  the  most  costly 
character.  The  building  was  illuminated,  and  the 
side-walk  carpeted.     The  flowers  cost  hundreds,  and 


250  CA  USES  OF  DISA  STER. 

the  supper  was  extravagant  beyond  description.  In 
two  summers  the  family  retired  to  the  country,  the 
brilliant  furniture  was  sold  under  the  hammer,  and 
men  with  hats  on,  and  cigars  in  their  mouths,  look 
through  the  splendid  plate  windows  and  linger  in  the 
gorgeous  saloons.  A  brilliant  equipage  seen  in  Cen- 
tral Park,  perhaps,  will  be  attended  by  an  outrider, 
with  lackeys,  who  will  sit  behind  in  English  style.  The 
equipage  carries  gay  ladies  and  gentlemen.  The 
name  of  the  fortunate  speculator,  who  was,  perhaps,  a 
few  months  ago  a  ticket  taker  at  a  ferry,  a  trader  in 
whisky,  or  in  pork,  is  passed  from  mouth  to  mouth. 
Before  the  season  closes  that  team  will  be  driven  by 
some  sporting  man  on  his  own  account,  and  the  gay 
party,  who  were  proud  of  the  establishment,  will  have 
passed  away  from  fashionable  New  York  forever. 

CAUSES    OF    DISASTER. 

No  name  is  as  potent  to-day  in  Wall  Street,  or  pro- 
duces so  much  sensation,  as  did  the  name  of  Jacob 
Little.  He  was  the  marked  man  of  the  street.  His 
coming  was  watched  for,  and  he  was  pointed  out  to 
visitors  as  the  Great  Bear.  The  lifting  of  his  hand 
carried  consternation  ;  his  nod  unsettled  the  market. 
Men  bought  and  sold  at  his  bidding.  Fortunes  top- 
pled at  his  will.  He  was  too  shrewd  to  be  caught, 
too  rich  to  be  ruined,  men  said.  Yet  he  went  under 
without  relief,  and  he  is  as  really  forgotten  in  the 
theatre  of  his  mighty  exploits  as  if  he  had  never  lived. 
He  has  more  imitators  in  his  misfortunes  than  in  his 
successes.  Men  can  be  seen  on  the  street  daily  whose 
success  was  a  marvel,  and  whose  voice  was  potential 


CAUSES  OF  DISASTER.  25] 

in  bulling  and  bearing  stocks.  In  seedy  dress,  with 
downcast  looks,  [hoy  hang  about  the  theatre  of  their 
former  greatness,  snob-beaten  by  their  ourb-stonc 
brokers. 

Seldom  in  Wall  Street  is  anything  laid  up  for  a 
rainy  day.  Men  who  make  fifty  thousand  dollars,  in- 
stead of  buying  a  house,  and  settling  twenty -five  thou- 
sand on  wife  and  children,  throw  the  whole  into  spec- 
ulation to  make  it  a  hundred  thousand.  A  dry  goods 
jobber,  who  has  a  balance  of  seventy-five  thousand  dol- 
lars in  the  bank,  instead  of  securing  half  of  it  beyond 
danger,  will  keep  the  whole  in  his  trade  till  he  loses 
it,  or  will  fling  it  into  the  great  maelstrom  of  Wall 
Street.  "  What  is  the  paltry  sum  of  fifty  thousand 
dollars  when  a  man  can  turn  it  into  half  a  million?" 
speculators  say.  ''Famine  or  feast,"  is  the  law  of 
Wall  Street, — to-day,  not  money  enough  to  buy 
crackers  and  cheese  ;  to-morrow  a  dinner  at  Delmoni- 
co's  at  twenty-five  dollars.  To-day  a  broker  foots  it 
down  town,  for  he  cannot  furnish  the  fire  in  a  street 
car  ;  to-morrow  he  rides  home  in  a  coach.  To-day  he 
gets  a  bite  in  an  alley  at  a  pie-stand;  to-morrow 
nothing  will  suffice  but  a  private  room  at  an  expen- 
sive restaurant.  No  man  had  about  him  more  ele- 
ments of  permanent  success  than  Mr.  Little.  None 
have  tempted  the  treacherous  sands  of  stock  specula- 
tion as  he  tempted  them,  who  have  not,  like  Little, 
been  engulfed  in  the  treacherous  soil. 


XVII. 
LEONARD  W.  JEROME. 

Leonard  W.  Jerome.— Aristocracy  in   Stabl.es.— Panic  op  '57.— Sun- 
day Drives.— Reverses. 

HIS   START. 

Few  men  on  the  street  made  a  deeper  impression 
than  Leonard  W.  Jerome.     He  put  himself  at  the  start 
among  the  most  daring,  and  he  proved  to  be  one  of 
the  most  successful  of  operators.     He  took  his  place 
as  the  leader  of  fashions.     He  became  the  rival  of  Van- 
derbilt  and  Drew,  and  dictated  terms  to  the  street. 
He  bought  a  piece  of  ground  in  what  was  then  the 
aristocratic  portion  of  New  York  facing  on  Madison 
Square.     Here  he  purposed  to  build  a  mansion  that 
should  make  aristocratic  New  York  quiver  with  envy. 
He  came  to  New  York  a  penniless  adventurer.     The 
editor  of  a  country  newspaper,  once  the  driver  of  a 
stage  coach,  without  money,  and  without  a  name  he 
came  upon  the  street. 

ARISTOCRATIC    IN   STABLES. 

He  built  his  stables  before  he  built  his  house.  No 
millionaire  in  New  York,  fifty  years  ago,  would  have 
built  as  gorgeous  a  dwelling  for  himself  as  Jerome 
built  for  his  horses.     It  was  of  brick,  faced  with  mar- 

252 


ARISTOCRACY  IN  STAB* 

ble,  three  stories  high,  with  a  French  roof.     This  sta- 
ble he  filled  with  horsesand  carriag<  magni- 
ficence.     Except  the  Emperor's  Mews  in  Paris,  it  is 
doubtful  whether  any  stables  in  the  world,  al  that  time, 
equaled  Jerome's.     Black  walnut,  plate  gla  -.  carpeted 
floors  and  other  costly  decorations  adorned  the  place. 
>ve  the   stable  the  owner  built  a  private  theatre, 
more  gaudy  and  brilliant  than  Niblo's  or  Wallack's. 
An   adventurer,   a  few  month   before,  and  penniless, 
Jerome  proposed  to  give  aristocratic  New  York  a  taste 
of  his  quality.     It  was  announced  that  he  was  to  give 
a  ball  in  his  stables.     The  upper  ten,  whose  boots  this 
gentleman  would  have  been  glad  to  black  a  short  time 
before,  not  only  thankfully  accepted  a  card  of  invitation 
to  eat   a  supper    where    his    horses    were    kept,  but 
rushed  madly  about  the  city  after  the  coveted  pieces 
of  pasteboard.     The  theatre  was  elegant!}  and  attract- 
ively adorned.       Two  fountains   were   placed    in   the 
centre,  one  playing  cologne,   the    other    champagne. 
The  floral  decorations  were  gorgeous.    The  cost  of  the 
supper  was  astounding.     The  front  of  the  stable  was 
illuminated.      The  sidewalk  was  carpeted  with  crim- 
son tapestry,    and  the  servants   were  numerous  and 
elegantly  dressed. 

panic  of  '57. 

The  foundation  of  Jerome's  success  was  laid  in  the 
great  crisis  of  '57.  One  lucky  stroke  gave  him  a  for- 
tune, and  he  resolved  to  show  how  little  he  valued  the 
conventionalisms  of  life,  or  the  feelings  and  opinions 
of  the  religious  part  of  the  community.  He  moved  up 
among  the  aristocracy,  and  claimed  a  place  with  the 


254  panic  of  '57. 

foremost.  His  movements  were  very  snobbish,  and 
indicated  his  low  origin.  He  drove  a  four-in-hand, 
attached  to  a  lumbering  barouche,  which  would  have 
been  voted  too  clumsy  for  a  band  connected  with  a 
traveling  circus.  To  show  how  little  he  regarded  the 
Sabbath  and  the  public  sentiment  by  which  it  was  sus- 
tained, his  custom  was  to  drive  out  on  Sunday  as  the 
community  were  going  to  church,  and  in  a  style  that 
would  attract  general  attention.  The  heads  of  his 
horses  were  turned  on  to  Fifth  Avenue  at  the  hour 
when  that  most  fashionable  promenade  was  most 
densely  crowded  with  church  goers.  His  horses  were 
trained  to  caper  and  rear,  as  they  turned  into  the 
street.  Gay  and  laughing  ladies  in  gorgeous  costume, 
attended  by  their  gentlemen  friends  gaily  decked  out, 
filled  the  carriage.  Lackeys,  carefully  gotten  up,  occu- 
pied the  coupe  behind.  Jerome  sat  on  the  box  and 
handled  the  reins.  With  a  huge  bouquet  of  flowers 
attached  to  his  button  hole,  with  white  gloves,  crack- 
ing his  whip,  and  with  the  shouts  of  the  party,  the 
team  would  rush  up  Fifth  Avenue,  on  toward  the  Park, 
while  the  populace  said  one  to  the  other,  uThat  is 
Jerome."  In  speaking  of  this  snobbishness,  prominent 
street  speculators  were  accustomed  to  say,  that  a-man 
who  had  no  more  regard  for  the  proprieties  of  life 
than  that  course  indicated;  who,  if  he  wanted  to  take 
a  private  drive  on  Sunday,  instead  of  doing  it  quietly, 
took  especial  pains  to  outrage  the  decencies  of  life 
and  insult  the  religious  sentiment  of  the  community, 
would  certainly  go  under, — not  from  any  supersti- 
tious idea  of  a  judgment,  but  from  a  common  sense 
estimate  of  the  man ;  for  one  with  such  characteristics 


REiiznsES.  255 

could  never  be  a  safe  and  sound  business  man.  How 
well  this  judgment  of  Wall  street  brokers  has  been 
borne  out  the  subsequent  history  of  this  man's  career 
will  show. 

Mr.  Jerome  had  much  public  spirit,  in  one  line. 
Above  the  Park  in  Westchester  county  is  a  fine  boule- 
vard, leading  on  directly  to  the  Race  Course  which 
bears  Jerome's  name.  This  boulevard  was  built  at  his 
own  expense  very  nearly;  at  least,  his  enterprise  carried 
it  through.  He  attempted  to  introduce  the  English  pas- 
time of  horse-racing,  and  paid  large  sums  of  money  to 
bring  the  celebrated  racers  from  the  South  to  this 
city.  For  a  season  the  course  was  very  successful,  but 
though  his  name  is  still  connected  with  the  course,  it 
has  passed  into  other  hands.  His  passion  for  horses 
is  exceeded  only  by  his  passion  for  the  theatre  and 
the  opera.  During  the  brief  period  of  his  prosperity, 
he  was  the  great  patron  of  the  actors. 

REVERSES. 

His  reverses  came  as  sudden  as  his  success.  He  was 
robbed  of  one  hundred  and  fifty  thousand  dollars  worth 
of  government  bonds.  A  single  blow,  in  the  street, 
in  two  minutes,  carried  away  eight  hundred  thousand 
dollars.  lie  embarked  in  other  unfortunate  specula- 
tions, and  Jerome  followed  the  great  procession  who 
pass  out  of  sight  in  Wall  street.  It  is  believed  that  he 
has  money,  but  as  an  operator  he  is  of  no  account. 
The  charm  of  success  passed  from  him,  and  he  was 
found  to  be  vulnerable  like  other  men.  His  four-in- 
hand  was  withdrawn  from  the  Park.  The  magnificent 
horses,  which  he  drove  so  proudly  on  Sunday  morn- 
ings, have  been  separated  and  one  of  them  is  driven 


256  REVERSES,— ON  THE  ROAD.  ' 

by  a  revenue  officer  on.  Central  Park,  whose  wealth  is 
estimated  at  two  millions,  who  two  years  ago  could 
not  have  borrowed  money  enough  on  the  street  to  pay 
for  blacking  his  boots.  Jerome's  fortune,  at  one  time 
was  estimated  at  from  six  millions  to  ten  millions. 
His  costly  stables,  glittering  private  theatre,  and  mag- 
nificent mansion  adjoining,  have  passed  from  his  hands, 
and  have  become  one  of  the  leading  Club  Houses  of 
New  York,  where  chops  are  ordered  and  dinners  called 
for. 

Mr.  Jerome  is  still  in  the  prime  of  life,  about  forty 
years  of  age ;  tall,  dark  complexioned,  with  dark  hair, 
and  heavy  moustache.  His  gait  is  stooping,  his  step 
slow,  his  eyes  dull,  his  voice  musical,  his  words  few. 
In  his  palmy  days,  when  he  presided  at  the  jockey 
club,  elated  with  wine,  his  friends  pronounced  him  one 
of  the  most  attractive  and  genial  of  companions. 


XVIII. 
WALL  STREET   ON   HARLEM   LANE. 

Central  Park  and  Fast  Horses.  —  Harlem  Lane. — Dan  Mace,  The 
Horseman.  —  His  Stables.  —  Ox  the  Road.  —  Celebrated  Men  on 
the  Road.  —  Jerome  Cranstone. — Jake  Vandbrbilt.  —  Carman. — 
Bonner.  —  Harker.  — John  Harper.  —  Wm.  II.  Tweed.  —  Tobin. — 
Palmer. — J.  Gould. — Smith. — Hatch. —  Baxter. — Osgood.—  Vander- 
bilt.— On  the  Piazza. 

A  few  years  ago  New  York  had  neither  horses, 
parks,  nor  driving-places.  The  lumbering  animals 
attached  to  the  heavy  carriages  were  the  laughing 
stock  of  other  cities.  Bloomingdale  Road  was  some- 
what of  a  drive  when  it  was  readied.  It  was  a  long 
distance  from  the  city,  the  roads  were  miserable,  and 
there  was  no  interest  in  a  drive  in  that  direction. 
The  laying  out  of  Central  Park,  with  its  fine  boule- 
vards, made  a  market  for  showy  and  costly  teams. 
The  men  of  Wall  Street  had  Harlem  Lane  put  in  or- 
der, and  it  became  the  "road"  of  New  York.  From 
Central  Park  to  Macoom's  Dam  the  drive  is  fine,  and 
the  exhilaration  of  an  afternoon  there  worth  observing. 
Anywhere  on  Fifth  Avenue  above  Twenty-fifth  street, 
a  great  procession  of  teams  can  be  seen  moving  along 
towards  the  trotting  course.  The  most  famous  horses 
in  the  world,  with  their  owners  or  drivers,  move  up 
this  fashionable  thoroughfare.     Two  classes  of  horses 

(257) 
17  J 


258  HARLEM  LANE. 

are  seen.  Horses  of  immense  size  and  strength,  very 
showy  and  elegantly  caparisoned,  are  for  the  Park. 
Long,  lank,  bony,  slab-sided,  gawky-looking  animals, 
that  would  not  bring  fifty  dollars  at  auction,  are  the 
trotters,  bound  for  Harlem  Lane.  A  man  is  "no- 
where" in  Wall  Street  unless  he  keeps  a  fast  team. 
What  racing  is  to  the  English,  trotting  is  to  New 
York.  Fabulous  prices  are  paid  for  a  fast  horse. 
When  a  new  animal  is  to  be  brought  out  and  shown 
off,  whose  time  is  remarkable,  Wall  Street  is  as  excited 
over  the  intelligence  as  if  a  great  "corner"  was 
pending. 

HARLEM    LANE. 

This  great  thoroughfare  is  known  as  "the  road." 
It  is  reached  through  Central  Park,  out  of  the  northern 
gate,  and  turning  sharply  to  the  right  on  110th 
Street.  A  narrow  isthmus  leads  to  a  long,  narrow 
road.  It  was  a  common  path  before  it  attained  the 
dignity  of  a  street.  One  side  is  lined  with  hotels  and 
drinking  places.  On  the  other  side  are  open  fields. 
It  is  a  mere  turnpike,  in  the  worst  possible  repair ; 
the  soil  is  heavy,  and  in  wet  weather,  driving  is  un- 
pleasant. The  road  is  full  of  holes  and  ravines,  and 
the  surest  horses  break  up  often  to  save  themselves 
from  falling.  Here  the  great  stock  men,  speculators, 
dry  goods  men,  and  eminent  New  Yorkers  can  be 
found  any  afternoon.  The  exhilaration  on  the  road  is 
intense,  for  every  steed  is  put  to  his  best  ability. 
Excitement  and  peril  unite.  Every  man  for  himself. 
The  teams  are  quite  as  much  excited  as  the  drivers. 
Flying,  dashing,  cutting   across,   moving  in  opposite 


DAM  EL  MACE.  259 

directions,  with  unearthly  yellings,    make   a  in- 

describably exciting.     Men  of  seventy  compete  with 

men  of  thirty.  Lads  of  sixteen  give  an  octogenarian 
all  he  can  do.  Bankers,  brokers,  speculators,  old  men 
and  young  men,  clerks,  draymen,  cartmen,  butchers,  * 
merchants,  doctors,  counsellors,  ministers,  in  pell-mell 
New  York  style,  are  tearing  up  and  down  the  road, 
till  the  brush  is  over,  and  the  tying-up  sheds  receive 
the  foaming  steeds. 

DANIEL   MACE. 

Wall  Street  is  as  helpless  about  horses  as  a  dry 
goods  man  is  about  stocks.  Fast  horses  are  very  few. 
A  horse  that  can  outspeed  the  fleet  ones  on  the  road 
can  command  any  price — thirty  or  fifty  thousand  dol- 
lars even.  A  man  must  be  a  good  judge  of  a  horse  to 
buy  him  right.  There  are  as  many  bogus  horses  on 
the  road  as  there  are  bogus  lines  of  stock  on  the  street. 
A  horse  must  be  known,  and  his  pedigree  traced.  A 
sharp,  successful  broker  on  the  street  is  quite  likely  to 
be  duped  by  a  horseman.  A  horse  that  appears  well 
may  be  unsound,  wicked,  vicious.  The  time  attribu- 
ted to  him  may  be  bogus  time.  A  horse  may  trot 
well  on  the  course  and  be  distanced  on  the  road.  Few 
owners  of  fast  teams  are  competent  to  drive  them. 
They  are  at  the  mercy  of  professional  horsemen.  A 
horse  that  shows  great  speed  on  the  course  is  bought 
by  a  speculator,  for  if  he  can  beat  some  of  the  cele- 
brated teams,  he  will  command  an  immense  price. 
The  driver  is  bought  up  by  the  other  side ;  the  horse 
breaks,  or  in  some  way  loses  the  trot.  There  are  a 
few  horsemen  that  cannot  be  bought   or  sold.     New 


2 GO    .  DANIEL  MACE 

York  lias  always  had  one  or  two  men  whose  integrity 
was  above  suspicion.  Their  judgments  were  sound, 
their  honor  unstained,  and  if  a  horse  they  drove  did 
not  win  the  race,  it  was  because  he  could  not.  Hiram 
Woodruff  was  one  of  that  class.  At  his  death  by 
common  consent  his  mantle  fell  on  Daniel  Mace.  He 
is,  without  controversy,  the  best  driver  4n  America 
to-day.  His  "friends  assert  that  his  equal  cannot  be 
found  in  the  Old  World.  He  is  a  small  man,  slim  and 
spare,  with  an  agreeable  face  and  courteous  maimers, 
and  is  under  thirty  years  of  age.  He  has  some  rare 
qualities  which  commend  him  to  the  confidence  of  the 
street.  He  is  intelligent,  gentlemanly,  and  affable. 
He  is  honest,  in  the  road  meaning  of  that  term.  The 
most  celebrated  trotters  and  elegant  establishments 
on  the  road  and  in  the  Park  are  owned  by  Wall 
Street  brokers.  Men  buy  through  Mace,  and  have 
the  utmost  confidence  in  his  judgment  and  integrity. 
The  wealthiest  men  will  not  accept  the  time  of  a 
horse  unless  Mace  drove  him,  and  such  confidence  is 
placed  in  his  knowledge  of  horses,  that  men  employ 
him  to  visit  different  parts  of  the  country  and  test  the 
speed  of  trotters  offered  for  sale.  Fifty,  and  even 
one  hundred  thousand  dollars,  are  often  staked  on  the 
speed  of  a  horse.  Ten  thousand  dollars  slipped  into 
Mace's  hands  would  not  turn  the  fortunes  of  the  day. 
He  is  very  temperate,  using  neither  spirits  nor  tobacco. 
Men  who  drink  hot  whiskey  punches  on  the  road,  like 
him  all  the  better  that  he  drinks  nothing  but  hot  lem- 
onade. In  his  stable  on  forty-seventh  street  he  has 
the  finest  stud  of  horses  in  New  York,  outside  of  Bon- 
ner's stable.     He  understands  the  treatment  of  horses. 


ON  THE  ROAD. 

There  is  a  system  now  universally  adopted,  for  g 
ing  and  feeding  valuable  horses.     They  are  fed  reg- 
ularly, four  times  a  day.     Oats  mixed  with  bran  i 
steamed    with    boiling    water,    is    the    favorite    food. 
Chopped  feed  is  not  allowed,  and  but  little  hay. 
hours  of  feeding  are,  six.  nine,  one,  and  nine.      The 
horses  are  muzzled  after  their  meals,  to  prevent  them 
from  eating  their  bedding.      The  stalls  are  usually  box 
stalls,  and  are  lined  with  leather  and  stuffed,   for  the 
protection  of  the  animals.     Fast  as  these  horses  are 
driven,  it  evidently  does  them  good,  and  not  harm. 
''Lantern,"  nineteen  years  old,  is  as  fleet  and  vigorous 
as  ever.      " Post-boy,"  driven  furiously  for  ten  years 
1  >y  his  owner,  who  was  one  of  the  hardest  of  driv 
is  as  nimble  and  swift  to-day,  as  when  the  lines  were 
first  drawn  over  him. 

4 

OX    THE    ROAD. 

At  a  slow  pace  the  great  procession  moves  up  toward 
the  Park.  A  short  trot  over  the  fine  drive-ways  within 
the  Park,  leads  to  the  Lane.  In  every  direction  teams 
can  be  seen  coming  up,  single  and  double,  driven  by 
their  owners,  by  grooms,  or  by  celebrated  horsemen. 
The  road,  through  its  entire  length,  is  crowded.  I 
easy  to  select  the  celebrated  teams  as  they  go  by  like 
the  wind.  Mace  comes  along,  with  '"Little  Dan/1  and 
••  <  reneral  Sherman,"  or  other  celebrated  horses.  Grad- 
ually the  reins  are  shortened — the  handles  are  seized — 
a  turn  is  taken  round  the  corners — the  horses  give  a 
snort,  and  settle  themselves  down  to  work.  Every- 
body gives  way  to  Dan  ^lace.  One  might  as  well  com- 
pete with   the  telegraph.     Cool,  collected,  the  master 


'262  CELEBRATED  MEN  ON  THE  ROAD. 

of  his  teaifty  this  prince  of  drivers  flies  over  the  road 
like  the  wind ;  cutting  in,  cutting  out,  crossing,  driving 
through  a  scud  of  teams,  not  an  inch  to  spare  on  either 
hand,  he  passes  horses  at  the  top  of  their  bent  as  if 
they  were  standing  still.  His  famous  halloo  can  be 
heard  half  a  mile, — u  Hoo-hoo-hoo-hoo-oo-oo-ooh  !" 
till  the  smoking  team  have  the  blankets  thrown  over 
them  in  the  shed. 

CELEBRATED    MEN    ON    THE    ROAD. 

The  heat,  excitement,  and  turmoil  of  Wall  street,  as 
the  day  wanes,  is  transferred  to  Harlem  Lane.  Crowds 
of  visitors  who  have  no  teams  for  fast  driving,  or  who 
cannot  afford  the  expensive  luxury,  crowd  the  piazzas 
of  the  hotels  to  see  the  display  and  partake  of  the 
exhilaration.  No  other  city  on  the  continent  can  pre- 
sent such  a  sight.  The  leading  men  of  New  York, 
and  of  the  nation ;  financiers,  speculators,  wealthy 
brokers,  millionaires,  and  men  who  were  mere  adven- 
turers twelve  months  ago;  professional  men  of  all 
grades,  merchants,  men  high  in  government  office,  and 
the  leaders  of  the  New  York  ring,  mingle  in  the  ex- 
citement of  the  road.  Others  affect  the  style  of  wealth 
and  elegance  on  the  Park,  and  do  not  aspire  to  fast 
trotters.  Among  the  most  celebrated  of  these,  a  few 
may  be  selected. 

Lawrence  Jerome  affects  the  heavy,  gorgeous  style. 
He  is  snobbish — drives  his  four-in-hand  in  the  Park. 
A  large,  heavy-framed  man,  about  fifty-five  years  of 
age  is  he. 

Hiram  Cranstone  has  a  team  noted  for  its  beauty 
and  speed.     He  appears  on  the  road  with  a  four-in- 


CELEBRATED  MEN  o\  THE  ROAD.  263 

hand;  his  driver,  an  imported  Englishman,  is  said  to 
be  the  best  reinsman  in  America.  Cranstone  is  a  small, 
nervous  man,  with  a  keen  eye  ;  is  soft  and  low  in  his 
conversation,  very  bland  in  his  manners,  and  a  great 
friend  to  the  street. 

One  of  the  marked  men  on  the  Lane,  and  one  who 
enjoys  the  road  hugely,  is  Captain  Jake  Vanderbilt,  as 
he  is  called — brother  to  the  Commodore.  He  is  no 
friend  of  the  Commodore,  and  has  stoutly  refused  all 
oilers  of  assistance  from  him.  He  has  been  a  great 
steamboat  man  in  his  day,  noted  for  his  decision,  ac- 
tivity, daring,  and  quickness  of  movement.  He  owns 
Staten  Island  ferry,  and  the  railroad  on  the  island. 
He  is  a  keen  sportsman,  and  has  a  track  near  his  house 
for  fast  horses.  He  boasts  that  he  has  beaten  the 
Commodore.  He  has  his  teams  brought  up  from  the 
island  by  his  grooms  for  the  excitement  of  a  dash  in 
the  Lane  of  an  afternoon. 

Richard  Carman  has  one  of  the  most  elegant,  docile, 
and  speedy  teams  on  the  road.  His  young  horse  Kirk- 
wood,  driven  by  Mace,  has  made  the  fastest  time,  it 
is  said,  on  record. 

Bonner  is  "the  observed  of  all  observers."  He 
comes  up  late,  a  square  built,  short,  thick  set,  heavy 
moulded  man,  and  takes  his  place  as  king  of  the  road. 
The  teams  have  tried  their  mettle,  and  their  owners  are 
on  the  piazza  waiting  for  his  coining.  He  announces 
his  approach  by  startling  yells,  like  an  Indian  warrior. 
It  is  a  warning  to  all  to  clear  the  track.  By  common 
consent  the  road  is  cleared,  and  the  superb  team  passes 
up  and  down  amid  the  excitement  of  the  crowd,  he 
whooping  and  yelling  most   terrifically  through  the 


264  CELEBRATED  MEN  ON  THE  ROAD. 

whole  route — the  steeds  clash  by,  for  Bonner  handles 
the  ribbons  artistically. 

One  of  the  most  enthusiastic  drivers  is  Jos.  Harker. 
He  contests  the  palm  boldly  with  Vanderbiflrand  Bon- 
ner. His  celebrated  Hamiltonian  team,  Brunette  and 
Bruno,  made  the  fastest  double-teamed  time  ever 
known.  Bonner  succeeded  in  buying  Bruno,  but  no 
money  could  purchase  Brunette.  When  the  team  made 
2.24i  on  the  Fashion  Course,  a  United  States  Senator 
offered  forty  thousand  dollars  for  the  pair,  which  was 
refused.  Horsemen  say  that  Brunette  has  made  even 
faster  time,  for  half  a  mile,  than  Dexter. 

The  Harpers  were  very  celebrated  on  the  road  at 
one  time.  James  drove  a  pair  of  spanking  blacks, 
which  gave  him  as  much  as  he  could  do,  amid  the  ex- 
citement of  the  road.  But  John  Harper  is  the  veteran 
of  the  Lane.  For  a  quarter  of  a  century  he  was  the 
leading  driver  of  the  road,  and  had  the  fastest  teams 
in  New  York.  He  was  greatly  respected,  and  when 
his  energies  as  a  driver  began  to  wane,  the  owners  of 
fast  teams  were  too  considerate  to  leave  him  behind; 
they  gave  him  the  lead,  and  allowed  him  the  pleasure 
of  feeling  that  he  was  still  master  of  the  road.  Unable 
longer  to  compete  with  the  young  bloods,  or  drive  his 
tearing  teams,  he  comes  up  daily,  in  pleasant  weather, 
in  his  private  carriage,  to  look  on  the  exciting  contest 
in  .which  he  has  no  longer  a  part,  The  old  fire  is  in 
his  veins,  and  his  eye  kindles  as  the  roaring  teams  go 
tearing  by.  He  has  the  place  of  honor  on  the  piazza, 
and  men  lift  their  hats  to  him  as  the  type  of  a  race 
fast  disappearing. 

William  M.  Tweed  is  no  horseman,  but  he  has  the 


LEBRATED  MEN  OX  THE  ROAD. 

most  dashing  turnout  in  the  city.  His  stables  are  very 
celebrated.  They  are  built  of  Caen  stone,  and  have 
every  modern  improvement.  His  stalls  are  modeled 
after  the  Imperial  stables  in  Paris.     His  harnesses  are 

kept  in  rooms  ceiled  with  black  walnut,  and  adorned 
with  plate  glass.  There  arc  none  so  showy  or  costly  in 
Xcw  York.  They  are  gold  gilt,  and  richly  embossed 
with  the  monogram  of  the  owner.  His  carriages  are 
numerous,  and  in  style.  Xo  driver  on  the  road  is  more 
elegantly  arrayed,  and  the  whip  he  sports  is  jewelled. 
Mr.  Tweed  inherited  the  business  of  chair  making  from 
his  father,  and  failed  in  the  business.  He  joined  a  lire 
engine  company — the  famous  Big  Six — he  took  to 
politics,  and  steadily  pursued  that  calling.  He  has 
rolled  up  a  fortune  of  over  a  million.  The  Brennans, 
his  companions,  have  been  equally  successful.  They 
were  coopers,  took  to  politics,  joined  the  fire  depart- 
ment, made  a  fortune,  and  when  they  will,  can  appear 
on  the  read.  Like  the  father  and  son  in  troublesome 
times  in  England,  who  took  different  sides  in  the  civil 
war,  that  the  family  property  might  not  be  alienated — 
Matthew  became  a  Democrat,  and  Owen  a  Whig  and 
Republican.  When  the  democrats  were  under,  Owen 
shared  with  Matthew;  and  when  the  democrats  were 
triumphant,  Matthew  shared  with  Owen.  The  Wash- 
ington market  is  said  to  yield  a  royal  revenue  to  the 
brothers. 

John  M.  Tobin  was  formerly  one  of  the  marked  men 
on  the  Park;  his  life  is  a  thrilling  lesson  on  the  sudden- 
ness with  which  wealth  is  acquired  and  lost  on  the 
street.  His  fortune,  which  was  very  large,  was  ac- 
quired in  a  day.     His  style  of  operating  was  daring. 


2GG,  CELEBRATED  MEN  ON  THE  ROAD. 

and  bold.  During  his  brief  career  in  the  street  he  was 
the  terror  of  operators,  so  daring,  so  eccentric,  and  un- 
scrupulous. If  half  that  is  said  about  him  is  true,  his 
beginnings  were  romantic.  Commodore  Vanderbilt 
lived  on  Staten  Island,  and  was  running  the  ferry. 
One  day  a  young  man  came  into  his  office  with  a 
jaunty  air  and  flashing  dress,  and  asked  for  business. 
His  impertinence  bordered  on  impudence.  His  very 
audacity  interested  Vanderbilt,  He  said  he  could  obey 
orders,  and  meet  the  wishes  of  his  employer.  "Have 
you  a  gold  watch?*5  said  the  Commodore.  "I  have." 
"  Gold  pencil,  and  gold  ring  ?"  "  Yes."  "  I  suppose, 
then,  you  have  a  diamond  breast  pin."  "Unvested 
my  last  funds  that  way."  "Well,"  said  the  Commo- 
dore, "you  have  not  got  those  to  steal."  He  con- 
cluded to  give  the  young  aspirant  a  trial.  There  were 
several  rules  that  he  must  observe — two  of  them  must 
not  be  broken  under  any  consideration.  Tobin's  duty 
was  to  take  the  tickets,  start  the  boat  exactly  on  time, 
waiting  for  nobody,  and  allow  no  deadheads  on  the 
line.  Tobin  took  his  place  and  prepared  for  action. 
The  Commodore  lived  not  far  from  the  ferry.  He  was 
accustomed  to  visit  the  city  at  a  particular  hour ;  he 
sauntered  down  toward  the  boat  at  his  leisure,  but  till 
he  was  on  board  the  ropes  were  not  cast  off.  His  neigh- 
bors understood  the  arrangement  and  took  their  leis- 
ure also.  The  next  morning  the  Commodore  was 
about  half  way  between  his  house  and  the  boat.  To 
his  astonishment  the  whistle  sounded  and  the  boat  put 
off,  leaving  him  and  a  dozen  or  two  others  on  the  dock. 
He  shouted,  gesticulated,  commanded,  but  in  vain ;  he 
was  frenzied,  but  powerless.     He  threatened  all  sorts 


CELEBRATED  MEN  OX  THE  ROAD.  2G7 

of  things  to  the  audacious  stripling  who  dare  leave  him 
behind  To  the  energetic  expostulation  Tobin  simply 
replied,  "  You  must  get  aboard  in  season — this  boat 
-  on  time — those  are  my  orders."  The  next  day 
Tobin  attempted  to  collect  fare  of  the  Commodore. 
"  No  dead-heads  on  this  line,"  he  said.  The  rigid 
rules  were  somewhat  relaxed,  but  Tobin  became  the 
delight  of  the  Commodore.  By  his  assistance  Tobin 
is  said  to  have  taken  out  of  the  street  by  one  opera- 
tion, not  less  than  three  millions  of  dollars.  He  could 
endure  adversity,  but  prosperity  was  too  much  for 
him.  He  affected  great  style  on  the  Road,  rode  in  his 
luxurious  satin-lined  coach,  and  appeared  the  exquisite. 
Extravagance  in  living,  dissipation,  gambling,  and 
drinking,  made  short  work  of  his  fortune,  and  threw 
him  up,  a  stranded  wreck  on  the  shore  of  misfortune. 
Before  he  went  under,  or  was  known  to  be  embar- 
rassed, he  met  a  friend  early  one  morning,  who  was 
struck  with  his  haggard,  agonizing  look.  Placing  both 
hands  on  his  shoulders,  he  confessed  that  he  had  been 
gaming  deeply,  and  had  lost  heavily  ;  that  he  had  given 
checks  to  a  large  amount  which  he  could  not  meet 
that  day,  and  unless  some  one  helped  him  he  was  a 
ruined  man.  He  was  too  deeply  involved  to  be  helped, 
and  was  completely  cleaned  out  as  an  operator  on  the 
street.  Tobin  is  thin,  wiry,  and  prematurely  old. 
Trouble  turned  his  hair  gray  at  an  early  period,  and 
he  stands  as  one  of  the  beacons  with  which  Wall  street 
is  so  thickly  studded. 

Francis  Palmer,  President  of  the  Broadway  Bank,  is 
pronounced  one  of  the  best  judges  of  horses  in  New 
York.     He  is  an  old  horseman,  and  had  great  expe- 


268  CELEBRATED  MEN  ON  THE  ROAD. 

rience  as  the  owner  of  the  Bleeker  Street  line  of  omni- 
buses. His  horses  are  celebrated  for  their  beauty  and 
speed.  Weaver,  a  celebrated  dry  goods  man,  drives 
the  fine  sorrel  "Income,"  a  horse  of  most  remarkable 
speed.  Palmer  never  tires  on  the  road,  but  waits  and 
watches  for  a  brush  with  every  comer,  who  boasts  a 
fast  horse. 

Jay  Gould  drives  a  pair  of  very  fast  trotters.  The 
horses  obtained  great  celebrity  in  the  West.  Gould 
is  as  peculiar  on  the  road  as  he  is  in  the  street.  Cool, 
persistent,  and  dogged,  he  follows  his  adversary 
whether  he  wins  or  loses,  till  he  tires  him  out ;  waits 
for  him  when  he  rests,  follows  him  when  he  starts,  and 
pursues  him  untiringly  the  whole  afternoon.  Gould  is 
a  small  man,  of  dark  complexion,  with  black  clipped 
whiskers,  and  a  fatal  black  eye.  He  is  about  forty-five 
years  of  age. 

Smith,  of  the  house  of  Smith,  Gould,  Martin  &  Co., 
whose  connection  with  the  fatal  Black  Friday,  will 
hand  their  names  down  to  posterity,  is  the  owner  of 
one  of  the  fleetest  horses  in  New  York.  His  time  on 
the  Buffalo  track  is  2.24.  When  "Idol"  appears  on 
the  road  he  produces  almost  as  much  excitement  as 
Dexter.  Smith  owns  a  large  number  of  very  fast  trot- 
ters. He  is  a  tall,  slim,  sandy  complexioned  man,  re-, 
sembling  General  Aspinwall. 

Frank  Work,  a  celebrated  banker,  is  one  of  the  best 
drivers  on  the  road.  His  team  is  very  fast,  and  hard 
to  beat.  He  has  the  fastest,  double  horse  team,  it  is 
said,  in  America,  though  he  seldom  speeds  his  horses. 
He  is  an  elegant  gentleman,  affable,  genial,  and  liberal, 
about  fifty  years  of  age,  and  is  the  head  of  a  house, 


CELEBRATED  MEN  ON  THE  ROAD. 

which,  through  all  panics  and  convulsions  lias  never 
faltered.  He  was  originally  in  the  dry  goods  business, 
but  has  been  in  the  street  as  an  operator  twenty  year.-. 
lie  has  done  the  heaviest  business  in  the  street,  hold- 
ing the  funds  of  Vanderbilt,  and  many  of  his  class. 
During  one  of  the  very  severe  panics,  a  friend  asked 
him  if  he  wanted  help.  He  answered,  "  I  paddle  my 
own  canoe;  I  will  break  before  I  will  ask  help." 

Rufus  Hatch  drives  a  very  stylish  team,  and  one  of 
the  fastest  on  the  road.  He  is  very  rich,  and  was  in 
Henry  Keep's  pool  in  the  North  West,  and  Michigan 
Southern. 

Next  to  Vanderbilt,  George  Baxter  attracts  the  at- 
tention of  horsemen.  He  is  a  man  of  great  wealth  and 
daring,  and  enjoys  the  road.  He  has  a  very  fast  team, 
and  puts  himself,  daily,  in  the  way  of  the  fast  drivers. 
He  is  about  seventy  years  of  age,  with  flowing  hair,  as 
white  as  a  patriarch's,  and  in  his  dash  and  speed  re- 
sembles the  Commodore  so  much  that  he  is  often  taken 
for  him.  George  Osgood — Vanderbilt's  son-in-law — 
drives  an  elegant  pair  of  bays,  and  is  himself  a  keen 
sportsman,  as  well  as  horseman.  William  H.  Vander- 
bilt drives  a  black  team,  which  cost  over  ten  thousand 
dollars.  Rev.  Dr.  Corey  seeks  occasional  recreation 
by  a  turn  on  the  road.  Vanderbilt  presented  him  with 
the  Mountain  Maid,  and  he  has  mated  her  to  a  horse 
of  rare  speed.  Horsemen  say  there  are  few  teams  to 
the  pole  that  can  show  higher  speed  than  the  horses 
driven  by  Mr.  Corey.  He  is  often  seen  on  the  road 
with  his  little  daughter,  a  looker  on  rather  than  a 
sharp  participator.  A  large  number  of  his  cloth  keep 
him  company. 


27ft  ON  THE  PIAZZA. 


ON    THE    PIAZZA. 

The  customs  of  the  road  require  a  dash  or  two  up 
and  down,  and  then  the  horses  are  blanketed,  and  led 
by  grooms  under  the  shed.  Harry  Bertholp's  hotel  is 
the  popular  resort  of  the  leading  horsemen.  On  his 
wide  piazza  the  interested  and  excited  groups  gather 
to  talk  over  the  events  of  the  day,  and  to  note  what- 
ever is  new  and  startling  on  the  road.  The  excitement 
and  change  are  as  great  among  the  horses  as  among 
brokers.  They  come  as  suddenly  to  the  surface,  and 
as  suddenly  disappear.  Marvelous  speed  is  developed, 
and  horses  sure  to  win,  are  often  run  out  of  sight,  A 
curious  group,  but  an  interesting  one,  crowd  the  piazza 
at  High  Change,  on  the  road.  Harry  is  very  popular — 
he  was  Crier  of  the  Courts  for  many  years.  A  partisan 
judge  removed  him ;  he  then  took  to  the  road,  and 
has  been  very  successful.  Lawyers,  judges,  profes- 
sional men,  as  well  as  horsemen,  bring  up  at  Harry 
Bertholp's.  The  bar  is  crowded,  as  well  as  the  piazza; 
the  company  is  very  gentlemanly,  and  the  drinking  is 
principally  confined  to  hot  lemonade.  Men,  who  drive 
valuable  teams,  and  are  liable  to  be  run  into  every 
minute  and  have  their  spider  wagons  dashed  to  pieces, 
find  it  necessary  to  have  a  cool  brain  and  a  steady 
hand.  Hundreds  are  on  the  piazza  who  do  not  care  to 
ride  fast,  or  do  not  wish  to  be  beaten.  Gentlemen 
bring  up  their  wives  and  families,  and  from  Harry's 
pleasant  parlor  look  out  upon  the  exciting  scene. 

Vanderbilt  is  one  of  the  most  daring  and  lucky  of 
riders.  He  rides  in  a  high-topped  buggy,  with  the  top 
up,  and  not  unfrequently  brings  his  wife  with  him  on 


ON  THE  PIAZZA.  271 

the  road.  It  is  a  part  of  the  policy  of  horsemen,  most 
of  whom  are  stock  brokers,  or  speculators,  to  flatter 
the  Commodore  by  not  driving  by  him.  They  give 
him  a  sharp  brush,  but  let  him  come  out  ahead,  and 
for  this  delicate  flattery  they  often  get  a  good  turn  in 
stocks.  Captain  Jake  Vanderbilt  accuses  the  street  of 
this,  and  puts  them  to  shame  by  giving  the  Commo- 
dore all  he  can  do  to  maintain  his  laurels.  A  Southern 
gentleman,  stopping  at  one  of  our  hotels,  was  invited 
by  Vanderbilt  to  take  a  turn  with  him  on  the  road. 
He  frightened  him  nearly  to  death,  and  actually  put 
him  to  torture,  by  a  piece  of  daring  which  bordered 
on  recklessness.  Coming  out  of  the  Park  the  Commo- 
dore turned  his  horses  toward  the  Fourth  Avenue.  The 
Boston  Express  train  was  coming  out  of  the  city.  "You 
are  not  going  to  drive  in  front  of  the  train?"  said  the 
nervous  friend.  Just  then  he  gave  the  word  to  his 
horses — they  shot  across  the  track  as  the  train  whizzed 
by,  leaving  scarcely  an  inch  between  it  and  the  wheels 
of  the  carriage.  "There,"  said  the  Commodore,  "there 
isn't  another  man  in  New  York  could  have  done  that." 
"Perhaps  so!"  said,  the  Southern  gentleman,  "but  the 
next  time  you  perform  that  feat,  Mr.  Vanderbilt,  you 
will  do  it  without  my  company."  Whoever  wishes  a 
good  view  of  Wall  Street  must  visit  the  Stock  Ex- 
change, or  the  Gold  Board  in  a  season  of  high  excite- 
ment, and  afterwards  take  a  turn  on  the  road  on  a 
pleasant  afternoon. 


XIX. 
LADY  BROKERS  ON  THE  STREET. 

A  New  Sensation. — Claflin,  Woodhull  &  Co. — The  Office.— A  Look 
„,  Inside. — Business  Habits. — Antecedents. — Opinions  of  the  Street. — 
A  Lady  Makes  a  Fortune. — A  Broker  Keeps  a  Hotel. — Lady  Brok- 
ers, on  the  Road. 

LADY   BROKERS    ON    THE    STREET. 

A  new  sensation  was  afforded  Wall  Street  in  the 
announcement  that  two  ladies  had  taken  rooms  on  the 
street,  and  were  about  to  do  a  first-class  brokers'  busi- 
ness, dealing  in  stocks  and  gold.  The  ladies  rejoiced 
in  the  name  of  Victoria  C.  Woodhull,  and  Tennessee 
C.  Claflm.  The  style  of  the  firm  was  Woodhull,  Claflin  & 
Co.  The  "  company  "  was  a  young  man  from  the  South, 
tall,  with  dark  complexion,  with  a  military  look,  and 
the  reputation  of  having  been  a  member  of  the  South- 
ern Cavalry  during  the  war.  He  is  known  as  Colonel 
J.  H.  Blood.  The  rooms  secured  by  the  lady  brokers 
have  a  notoriety  in  New  York  not  enviable.  Large, 
commodious,  and  fashionably  furnished,  they  wrere 
used  by  Grey  for  his  gigantic  frauds,  and  were  the 
centre  of  his  dark  but  successful  operations.  On  enter- 
ing the  offices,  one  is  introduced  to  the  Banking  House. 

This  room  is  large  enough  to  transact  the  business  of 

(272) 


A  LOOK  INSIDE.  L>7:] 

the  Rothcbilds  in.  It  is  fitted  up  with  the  elegance  of  a 
first  class  bank,  and  with  all  the  conveniences  for  stock 
and  banking  purposes.  Plate  glass,  marble 
counters,  furniture  of  black  walnut  and  chestnut,  huge 
safes,  and  multiplied  desks,  greet  the  eye.  Beyond, 
is  a  reception  room,  handsomely  famished,  where  the 
ladies  meet  their  business  friends.  Beyond  that  is  a 
private  parlor  equally  gorgeous  in  its  surroundings. 
On  coming  into  the  street,  the  lady  brokers  created 
a  great  sensation.  All  day  long  crowds  were  around 
the  doors.  Men  flattened  their  noses  against  the  plate 
glass,  peeping  in,  and  every  imagined  excuse  was  in- 
vented by  parties  who  wanted  to  walk  inside  and  look 
at  the  sights.  The  wonder  lasted,  as  all  wonders  do  in 
New  York,  for  a  week  or  sd.  To-day,  the  firm  of 
YToodhull,  Clafiin  and  Co.,  attracts  no  more  attention 
than  that  of  any  ordinary  business  place  in  the  street. 

A    LOOK    INSIDE. 

The  whole  establishment  is  painfully  bare  and  de- 
serted. A  few  strangers  whose  curiosity  leads  them 
inside,  enter.  Two  or  three  young  fellows  make 
the  desolation  of  the  Banking  Room  more  apparent 
by  their  presence.  They  are  relatives  of  the  brokers, 
and  have  evidently  nothing  to  do.  Passing  in,  the 
foot-fall  echoes  in  the  silence,  and  the  door  of  the  pri- 
vate room  is  reached.  It  is  ten  to  one  that  the  ladies 
are  not  in.  They  spend  but  little  time  in  the  office, 
and  when  in,  seem  to  be  under  a  high  state  of  nervous 
excitement.  They  appear  to  be  ladies  about  the  ages 
of  twenty-four  and  thirty-five.  The  elder,  Mrs.  Wood- 
hull,  has  a  family,  but  the  whereabouts  of  her  hus- 
18 


274  A  LOOK  INSIDE. 

band  are  not  known.  She  is  known  as  a"Viccie;" 
Tennessee  is  known  as  a  "Tennie."  She  writes  her- 
self Mrs.  Tennie  C.  Claflin,  but  it  is  known  that  she  is 
not  married.  The  sisters  belong  to  a- family  in  which 
are  five  daughters  and  two  sons.  The  ladies  are  rather 
attractive  in  their  appearance,  with  a  bold,  resolute, 
and  manish  air.  They  dress  in  the  highest  style  of 
Broadway  promenaders.  They  wear  in  their  office, 
hats,  heavy  chignons,  grecian  bends,  and  talmas,  thrown 
over  their  shoulders,  which  gives  them  an  untidy 
and  bunchy  look.  They  talk  to  each  other  in  the 
presence  of  visitors,  in  the  most  endearing  manner. 
They  call  each  other  "Viccie,"  "Tennie,"  "  Sissie," 
"dearie,"  "love,"  and  kindred  terms.  In  the  midst 
of  exciting  talk  about  stocks,  the  presidency,  Vander- 
bilt,  and  the  street  generally,  they  will  call  out  in  an 
air  of  lassitude,  that  would  become  an  exquisite  at  the 
Springs,  for  the  Colonel  to  go  and  get  them  a  little  Yichy 
Water,  they  are  so  excited.  The  whole  arrangement 
seems  queer  enough.  Of  ordinary  height,  coarse 
complexion,  masculine  in  manner,  dressed  -in  stunning 
style,  these  brokers  evidently  study  to  make  an  impres- 
sion. Tennie,  who  is  very  loquacious,  and  does  the  most 
of  the  talking,  is  enthusiastic  and  sanguine  of  success. 
The  ladies  are  very  ambitious  of  notoriety,  and  it  does 
not  hurt  their  feelings  to  have  their  names  in  the  paper. 
They  keep  on  the  table  open  for  inspection,  a  huge 
scrap  book,  which  contains  all  the  pictures,  illustrations 
and  notices  of  the  house,  good,  bad  and  indifferent. 
These  ladies  have  costly  rooms  at  the  Astor  House,  and 
a  private  table,  to  which  they  invite  their  friends  who 
wish  to  see  them.     As  they  are  very  general  in  their 


D  U SIX  ESS  IL 1  fi  /  TS.  - .  I  .v  i  v;  CEDEN  ts.  2  i  5 

invitations,  and  keep  open  house,  their  after  basin* 
levees  are  very  popular. 

BUSINESS    HABITS.     ■ 

So  far  the  house  has  done  little  or  nothing.  The 
expenses  arc  very  heavy,  and  funds  must  come  from 
some  source.  The  street  look  on  with  suspicion.  It 
is  believed  that  the  women  have  been  sent  into  the 
street,  by  interested  parties,  for  a  purpose  which  will 
develop  itself  by  and  by.  The  ladies  denounce  these 
rumors  and  suspicions  as  the  fruits  of  jealousy  on  the 
part  of  the  men.  On  the  first  of  May,  they  affirm 
that  they  will  have  a  banking  capital  of  a  quarter  of 
a  milliou,  that  they  have  the  promise  of  deposits 
that  will  make  other  Banking  Houses  turn  pale.  It 
was  currently  reported  when  they  first  came  on  the 
street,  that  Vanderbilt  was  to  back  them  for  any 
amount,  Vanderbilt  denies  this,  but  reputable  gentle- 
men, who  have  called  on  him  in  regard  to  business 
transactions,  in  which  these  ladies  were  concerned, 
have  received  his  assurance  that  it  is  all  right.  The 
sisters  have  been  traced  to  Yanderbilt's  house  in  Wash- 
ington Place,  repeatedly  in  the  evenings,  and  gentle- 
men doing  business  with  the  Commodore  have  met 
them  there.  When  they  first  appeared  on  the  street, 
they  deposited  in  the  bank  Yanderbilt's  check  for  seven 
thousand  live  hundred  dollars. 

ANTECEDENTS. 


The  appearance  of  two  ladies  in  Wall  Street  as  bro- 
kers, has  led  to  a  rigid  examination  of  their  antece- 
dents.     Mrs.  Woodhull  and  Miss  Claflin  came  to  New 


276-  OTHER  CASES. 

York  from  Chicago.  They  are  clairvoyants  by  pro- 
fession, and  had  an  establishment  in  their  Western 
home.  Their  father  was  said  to  be  a  celebrated  cancer 
doctor.  Beside  their  brokerage  business,  they  prac- 
tice in  New  York  as  clairvoyants.  Whether  they  buy 
and  sell  stocks  on  that  system  is  not  known.  Their 
principal  customers  so  far,  have  been  ladies,  who  take 
their  pin  money,  and  make  a  venture  with  it  on  the 
street.  Mrs.  Woodhull  has  just  now  the  presidency  on 
the  brain.  She  has  published  two  or  three  articles 
in  the  secular  press,  which  have  been  inserted  as  adver- 
tisements. She  is  about  to  start  a  paper  to  be  devoted 
to  her  claims,  for  the  high  position  she  seeks.  One  o£ 
our  first  lithographers  is  engaged  on  a  hand-bill  to  be 
elegantly  executed,  which  is  to  cover  all  the  dead  walls 
in  the  land,  advocating  the  nomination  and  election  of 
this  lady  broker  for  the  presidency. 

OTHER    CASES. 

It  is  no  uncommon  thing  for  ladies  to  appear  on  the 
street.  Some  of  them  have  money  of  their  own,  some 
of  them  desire  to  have.  Many  have  a  taste  for  specu- 
lation ;  with  others,  the  infatuation  of  stock  gambling 
is  intoxicating.  They  walk  into  the  street,  engage  a 
small  broker  to  transact  business,  leave  their  margin 
and  watch  the  operation  with  intense  interest  from 
day  to  day.  A  lady  whose  husband  was  cleaned  out 
in  the  street,  took  her  little  patrimony  and  went  among 
the  brokers.  For  the  fun  of  the  thing,  as  a  house 
said,  a  party  was  found  willing  to  make  an  investment. 
It  proved  a  lucky  one.  The  lady  immediately  with- 
drew from  the  street,  took  the  lease  of  a  public  house 


OTHER  CA&  277 

in    a    fashionable   watering   place,   ran    it   in   superb 

style,  made  a  very  handsome  thing  in  the  business,  sold 
out  advantageously,  and  retired  with  a  competency, 
showing  herself  to  be  one  of  the  marked  business 
women  of  the  age. 

A  lady  often  seen  in  "Wall  Street  has  a  romantic  his- 
tory. Her  husband  is  well  known  in  New  York.  He 
lives  in  fine  style  in  the  upper  part  of  the  city,  and 
drives  one  of  the  most  dashing  turn-outs  in  the  Park. 
His  wife,  an  elegant  and  accomplished  lady,  he  neither 
lives  with  nor  supports.  Before  she  tried  her  ability 
in  Wall  Street,  she  took  a  very  effectual  way  to  mortify 
her  husband,  for  he  has  great  personal  pride.  Resolved 
not  to  be  dependent  on  the  man  who  had  deserted  her, 
and  not  to  want  bread,  she  identified  herself  with  a 
fashionable  uptown  establishment,  as  a  worker  of  ele- 
gant gold  embroidery.  She  issued  a  beautiful  printed 
circular,  announcing  herself  by  her  husband's  name, 
and  stating  his  business,  so  that  there  could  be  no  mis- 
take about  the  identity.  She  offered  her  services  to  the 
fashionable  ladies  of  Xew  York,  stating  her  reasons  for 
her  course,  that  she  desired  to  earn  her  bread  for  her- 
self and  children.  Xew  York  was  wonderfully  agita- 
ted for  a  short  time,  and  the  lady  obtained  what  she 
deserved, — a  fair  start.  The  gold  embroidery  exhibited 
in  Paris,  which  attracted  so  much  attention  among  the 
crowned  heads  at  the  Exposition,  was  the  work  of  this 
lady.  Her  pluck,  ability,  and  daring  made  her  shop 
on  Broadway  too  small.  She  found  a  fitting  field  in 
the  street,  and  operates  with  the  average  success. 

The  ladies  who  give  the  fancy  balls  in  upper  Xew 
York,  with  the  most  unique  and  extravagant  surround- 


278  OTHER  CASES. 

ings ;  who  drive  fast  teams  on  the  road,  and  try  the 
mettle  of  their  steeds  with  horsemen ;  who  drive  spir- 
ited horses  attached  to  their  phaetons  in  the  park,  with 
their  servants  behind ;  and  who  give  their  gentlemen 
friends  a  turn  around  the  Park;  most  of  these  are  ope- 
rators on  the  street. 


XX. 
WALL  STREET  AT  HOME. 

FASHION     AND     CHARITY. — PERIL     OF     NIGHT. — NIGHT     ON      MURRAY     HILL. 

LENOX    GREAT    GSFT. — EDWIN  W.  MORGAN. — AUGUST    BELMONT. — R.  L.  A  A. 

STUART. PETER    COOPER — HORACE    GREELEY. BROWN  &  EROS. — GEORGE 

LAW. — WILLIAM    E.    DODGE. — THOMAS    R.  AGNEW. 

With  all  the  reverses  and  failures  incident  to  stock 
speculation,  the  men  of  Wall  Street  are,  and  always 
have  been,  the  dwellers  in  the  most  sumptuous  palaces. 
Their  families  lead  the  ton,  and  give  law  to  fashion. 
The}7  decide  if  Saratoga,  Newport,  the  White  Hills,  or 
the  sea-shore,  shall  be  the  rage  for  the  season.  They 
own  the  fastest  teams  on  the  road.  The  gorgeous 
turn-outs  in  the  Park.  The  two-in-hand,  four-in-hand, 
six-in-hand,  are  owned  and  often  driven  by  leading 
sto&k  men.  Find  any  fashionable  part  of  New  York 
to-day,  and  it  will  be  found  to  have  been  laid  out  by 
successful  operators  in  the  street.  If  there  is  one 
dwelling  more  sumptuous  than  another,  more  lordly 
in  its  arrangements,  more  gorgeous  and  extravagant 
in  its  fitting  up,  it  belongs  to  some  broker.  If  he  goes 
under,  and  sells  out,  the  man  who  cleaned  him  out 
will  take  his  place  from  over  his  head.  On  Staten 
Island  there  are  mansions  that  would  answer  for  a 

(279) 


280  FASHION  AND  CHARITY. 

Ducal  residence.  Beyond  New  Brunswick  New  York 
stretches  herself  and  tracks  her  domain  by  costly  man- 
sions in  New  Jersey.  Up  the  North  River  are  expen- 
sive stone  villas  and  castles,  as  costly  as  baronial  halls. 
Thirty  miles  along  the  Sound  are  some  of  the  most 
sumptuous  country  seats  in  America.  Nearly  all  these 
have  been  builded  by  stock  men,  or  by  men  who  have 
made  their  fortunes  by  a  lucky  turn  on  the  street. 

FASHION    AND    CHARITY. 

To  make  anything  a  success  in  New  York  it  is  only 
necessary  to  enlist  the  leading  families  in  the  affair 
and  any  amount  of  money  can  be  secured.  I  have 
seen  Yanderbilt  assess  his  friends  in  his  office,  fixing 
the  amount  they  must  give  to  enable  him  to  carry  an 
enterprise  which  he  happened  to  take  a  fancy  to.  It 
is  tough  work  to  carry  forward  any  charitable  or  phil- 
anthropic work  in  New  York  unless  it  is  hitched  to  the 
car  of  fashion.  A  calico  ball,  when  led  by  the  ton,  is 
always  a  great  success.  There  is  a  scramble  for  tick- 
ets for  a  drawing-room  concert.  In  certain  localities 
a  select  party  will  be  as  remunerative  as  a  crowd  at 
the  Academy  of  Music.  An  eleven  o'clock  concert,  or 
a  soiree,  if  engineered  right,  would  pay  off  a  church 
debt.  The  wife  of  one  of  our  first  bankers  was  induced 
to  have  a  concert  in  her  drawing-rooms  for  a  charita- 
ble purpose.  The  rooms  would  accommodate  about 
three  hundred.  Tickets  were  issued  at  -five  dollars  each. 
Her  husband  gave  her  a  check  for  fifteen  hundred  dol- 
lars, carried  the  tickets  with  him  down  town,  disposed 
of  them  among  his  friends  before  noon,  and  the  affair, 
of  course,  was  a  success. 


PERIL  OF  NIGET.  281 


PERIL    OF    NIG  ITT. 

The  most  fashionable  portion  of  New  York  is  the 
most  insecure.  It  is  badly  lighted,  dark  and  lonesome, 
and  the  areas,  heavy  balustrades,  and  porticoes,  afford 
a  refuge  for  burglars  and  desperadoes.  But  few  per- 
sons walk  the  streets  of  fashionable  New  York  at  night. 
One  of  the  leading  brokers  of  the  city  disposed  of  his 
elegant  and  costly  mansion,  the  other  day,  and  took 
his  family  to  a  hotel.  He  said,  UI  built  my  house  at 
great  expense  to  suit  me.  I  furnished  it  in  the  best 
style.  It  was  all  that  I  could  desire.  I  am  fond 
of  society,  and  like  to  call  on  my  neighbors  in  the 
evening.  I  dare  not  go  out  after  ten  o'clock.  I  walk 
down  the  side  streets  in  the  utmost  terror,  looking  this 
way  and  that,  lest  I  should  be  knocked  down  suddenly. 
I  often  run  for  my  life,  and  twice,  within  a  short  time, 
I  have  been  chased  to  my  very  door.  I  am  too  old 
for  this  style  of  life,  and  I  have  given  it  up."  A  man- 
ager of  one  of  our  theatres,  who  lives  on  Fifth  Avenue, 
was  followed  from  the  theatre  to  the  cars  by  three 
rough-looking  fellows,  muffled  up.  They  entered  the 
car  when  he  did,  and  twice  he  started  to  get  out  to 
test  them,  in  each  case  they  started  also.  He  felt  that 
his  only  safety  was  in  speed.  Nearing  his  house  he 
ran,  and  with  his  night-key  entered  the  door  just  as  the 
desperadoes  reached  the  door-step.  His  wife  saw  them 
plainly  from  the  window.  Persons  are  frequently 
knocked  down  and  robbed,  in  the  sight  of  many 
others. 


282'  A  NIGHT  ON  MURRAY  BILL. 


A   NIGHT    ON    MURRAY    HILL. 

I  was  detained  somewhat  late  one  night,  and  was 
invited  by  a  friend  to  take  a  bed  in  his  brown  stone 
mansion  near  Fifth  Avenue.  Before  going  to  bed  I 
was  entertained  with  the  probable  programme  of  the 
night.  The  entire  row  of  houses  opposite  had  been 
entered  a  night  or  two  before  and  completely  sacked. 
I  was  informed  that  the  entrance  to  this  house,  if  it 
were  entered  at  all,  would  be  by  the  lower  door  or 
through  one  of  the  windows  of  the  room  that  I  was 
to  occupy.  Should  an  entrance  be  made  into  my 
room,  I  was  cautioned  to  lie  perfectly  still  and  to 
scarcely  breathe,  as  that  was  the  only  chance  of  life. 
The  burglars  enter  with  a  velvet  tread,  and  they  do 
not  add  murder  to  robbery  if  they  can  avoid  it.  My 
host  told  me  that  frequently  he  had  been  impressed 
that  somebody  was  in  the  room.  Remaining  in  terror 
till  the  sweat  dropped  from  him,  and  unable  longer  to 
contain  himself,  he  would  spring  from  his  bed,  light 
his  gas,  and  risk  being  shot  rather  than  endure  longer 
the  agony  of  suspense.  Two  or  three  times  during 
some  nights  the  whole  family  would  be  aroused,  every 
room  illuminated,  the  private  watchman  called  in,  and 
the  house  searched  from  cellar  to  attic.  The  prepara- 
tion for  the  night  was  the  letting  loose  of  a  huge  bull- 
dog, whose  ferocity  required  him  to  be  confined  in 
the  cellar  during  the  day  time.  He  was  very  expert 
in  opening  doors  which  he  kept  banging  all  night. 
Between  the  dog  and  burglars  there  was  little  chance 
of  sleep.  He  knew  there  was  a  stranger  in  the  house 
and  paid  special  attention  to  every  door.     As  he  could 


Mil.  LENOX s  great'gift.  283 

open  other  doors  I  supposed  he  could  mine.  I  had 
some  doubt  about  his  ability  to  discriminate  between 
a  visitor  and  a  burglar.  I  expected  every  minute  to 
see  this  vigilant  watchman  enter  my  room  and  pay  his 
respects  to  me.  Frequently  during  the  night  the 
alarm  sounded  from  different  bedrooms.  One  young 
member  who  had  the  night-mare  produced  a  genuine 
panic.  Such  is  life  in  gay  New  York  among  the  upper 
ten.  Some  employ  a  private  watchman  for  themselves 
alone,  and  some  members  keep  watch  and  ward  while 
others  sleep.  Each  house  has  its  skeleton.  The  skele- 
ton in  the  Murray  Hill  houses  is  clothed  in  flesh  and 
blood,  and  armed  with  skeleton  keys,  revolvers,  and 
bowie  knives. 

MR.    LEXOx's    GREAT    GIFT. 

There  is  in  the  city  no  private  collection  of  statuary 
and  painting  which  equals  that  of  Mr.  Lenox.  It  has 
been  long  closed  to  the  public,  and  Mr.  Lenox  has 
been  censured  for  his  illiberality  in  closing  the  doors 
of  his  gallery.  While  I  was  in  Powers1  Studio,  m 
Florence,  he  alluded  to  Mr.  Lenox's  collection.  He 
said  Mr.  Lenox  had  purchased  from  him  his  gems,  but 
kept  them  from  the  public.  Mr.  Lenox  gave  him 
this  reason  for  locking  up  his  treasures  and  keeping 
the  public  away: — He  intended  when  he  made  his 
purchases  to  gratify  the  public  taste,  and  he  threw 
open  his  gallery  once  a  week.  But  his  marble  statues 
were  daubed,  his  crayons  smutted  and  fingered,  his 
engravings  ruined  by  the  rudeness  and  curiosity  of 
visitors,  and  nothing  remained  to  him  but  to  close  his 
doors  and  deny  everything  to  the  public.     He  men- 


284'  MB.  LENOX'S  GREAT  GIFT. 

tioned  the  case  of  an.  English  nobleman  who  visited 
Mr.  Lenox's  gallery.  Among  his  treasures  was  a 
crayon  sketch  from  one  of  the  first  Italian  masters. 
Mr.  Lenox  left  the  room  a  moment,  and  when  he 
came  back  the  English  gentleman  was  talking  with 
some  parties  in  the  room.  He  had  rolled  up  the  crayon 
sketch  like  a  baton,  and  was  emphasizing  with  it  on 
the  table.  It  was  crumpled,  smeared,  and  ruined. 
Ladies  would  point  at  the  beauties  of  prints  and  en- 
gravings with  the  ends  of  their  fingers,  and  then  point 
out  the  beauty  of  an  eye,  the  cheek,  or  the  forehead, 
of  a  statue  by  drawing  their  soiled  gloves  over  it.  Mr. 
Powers  said  that  he  could  not  leave  visitors  in  his 
studio  an  instant.  Whatever  Americans  or  English 
admired  they  would  touch.  Sticking  their  fingers  on 
a  damp  model  they  would  bear  the  moist  clay  to  the 
foreh.ead  of  some  valuable  piece  of  sculpture.  Mr.  Len- 
ox proposes  to  make  a  donation  of  his  magnificent 
collection  to  the  city  of  New  York  as  soon  as  provision 
can  be  made  for  its  reception. 

Mr.  Lenox  began  the  up-town  movement  when 
Fifth  Avenue  was  unpaved,  unlighted,  untenanted. 
He  built  himself  a  princely  mansion  of  brown-stone, 
•unusual  in  those  days,  with  a  front  of  seventy-five 
feet  on  the  avenue.  It  was  through  his  influence  that 
the  Wall  Street  Church  was  removed  to  its  elegant 
location  on  Fifth  Avenue.  Of  this  church  Mr.  Lenox 
is  a  devout  and  liberal  member.  He  is  a  man  of  very 
cultivated  and  refined  tastes,  but  he  lives  retired 
and  without  show.  His  mansion  is  one  of  the  most 
splendid  in  the  city.     It  is  furnished  with  rare  mag- 


EDWIN  D.  MORGAN.  285 

nifidcnce.  His  gallery  of  pictures  is  the  most  costly 
and  valuable  of  any  in  the  United  States.  lie  has  a 
library  full  of  the  choicest  books  and  manuscripts  in 
America.  He  has  rare  and  expensive  editions  of  the 
Bible.  He  has  the  original  draught  of  Washington's 
Farewell  Address.  It  cost  Mr.  Lenox  two  thousand 
dollars.  He  would  not  part  with  it  for  fifty  thousand 
dollars.  This  residence  and  its  costly  adornings  are 
not  open  to  the  public.  To  a  limited  circle  of  con- 
fidential friends  the  mansion  is  at  times  thrown  open. 
Mr.  Lenox  has  a  country  seat  at  Newport,  but  he 
prefers  his  New  York  residence,  because  there  he  can 
shut  out  the  world  and  be  retired.  His  benefactions 
are    very  large. 

EDWIN   D.    MORGAN. 

A  native  of  Massachusetts,  Mr.  Morgan  came  to  New 
York  when  quite  young.  He  was  penniless,  and  began 
trade  in  as  small  way  as  can  be  imagined.  lie  bartered 
for  a  while  in  the  products  of  his.  native  state,  and  then 
set  up  the  grocery  business  in  as  small  way  as  can  well 
be  conceived.  With  a  plain,  common  school  education, 
he  had  a  good  deal  of  business  tact.  His  habits  were 
good,  and  by  strict  attention  to  business  he  slowly  but 
surely  improved  his  fortune.  He  became  a  wholesale 
trader,  and  from  his  grocery  establishment  on  Front 
Street  he  removed  to  Exchange  Place,  and  opened  the 
house  of  E.  D.  Morgan  &  Co.  He  became  a  bold 
operator  in  goods,  stocks,  and  real  estate.  His  clear 
brain  enabled  him  to  walk  safely  where  other  men 
stumbled.     He  made  money  where  other  men  lost  it. 


286  AUG UST  BELMONT. 

He  is  now  about  sixty  years  of  age,  with  a  fortune 
estimated  at  one  million  of  dollars.  For  twenty  years 
he  has  been  in  political  life.  He  was  governor  of  the 
state  during  the  war,  and  is  now  United  States  senator. 
He  has  a  very  fine  mansion  on  Fifth  Avenue,  where  he 
dispenses  a  liberal  and  elegant  hospitality. 

AUGUST   BELMONT. 

The  house  of  Belmont  &  Co.,  in  New  York,  has  few 
superiors.  As  the  agent  of  the  Rothschilds,  this  house  is 
preeminent.  In  a  dingy  granite  building  on  Wall  Street, 
with  low,  dark  chambers,  plainly,  and,  in  comparison 
with  other  banking-houses,  meanly  furnished,  Belmont 
&  Co.  transact  their  immense  business.  There  is  noth- 
ing attractive  about  the  person  of  the  banker.  He  is 
a  Jew,  whose  countenance  and  speech  indicate  his 
nationality.  He  is  thick-set,  but  stinted  in  size.  He 
is  very  lame,  and  his  appearance  impresses  no  one. 
He  is  a  leading  politician,  and  makes  large  contribu- 
tions for  political  purposes,  and  receives  in  exchange 
the  chairmanship  of  important  committees.  His  wife 
was  the  daughter  of  Commodore  Perry,  on  whom  he 
settled  an  independent  fortune  before  marriage.  He 
lives  on  Fifth  Avenue,  in  a  very  large  but  plainly  built 
brick  mansion,  modelled  after  the  London  houses.  His 
picture  gallery  is  second  only  to  that  owned  by  Mr. 
Lenox.  Unlike  Mr.  .Lenox,  he  does  not  close  his  house 
against  his  friends.  He  is  very  hospitable,  entertains 
very  largely  during  the  season,  and  in  princely  style. 
He  is  very  fond  of  masquerades  and  private  theatricals. 
He  often  takes  the  leading  characters,  and  imports  the 


&  /..  AND  A.  STUART.  287 

most  sumptuous  dresses  from  abroad  for  himself  and 
friends.  No  banker  in  New  York  can  spread  a  table 
covered  with  such  costly  plate.  A  quiet  man  in  busi- 
ness, very  decided,  and  using  but  few  words,  he  is  very 
genial,  with  a  great  flow  of  spirits  when  he  acts  the 
part  of  host,  or  joins  in  the  entertainments  of  his 
friends. 

R.    L.    AND    A.    STUABT. 

This  house  is  one  of  the  old  firms  of  New  York.  It 
is  as  well  known  throughout  the  world  as  any  name  in 
America.  Fortune  and  fame  have  resulted  from  the 
manufacture  of  pure  and  excellent  candies.  The  old 
manufactory  on  Chambers  Street,  established  over  half 
a  century  ago,  still  abides.  The  candy  of  commerce, 
which  is  so  largely  manufactured  in  this  city,  is  un- 
wholesome and  poisonous.  The  white  earth  of  Ireland 
takes  the  place  of  sugar.  Common  paste  blacking  is  a 
substitute  for  liquorice.  Candies,  almonds,  cough-drops, 
and  lozenges  are  manufactured  out  of  clay ;  and  the 
essence  used  is  abstracted  from  fusil  oils,  which  are  of 
themselves  rank  poison.  The  slaughter-house  furnishes 
a  glutinous  matter  used  in  cheap  confectionery,  and 
manufacturers  are  notified  when  this  material  is  on 
hand.  The  Stuarts  have  always  manufactured  candies 
from  pure  sugar,  and  all  the  materials  used  are  of  the 
first  quality.  They  have  found  their  profit  in  this 
honorable  procedure.  Fifty  years  of  undeviating  recti- 
tude have  placed  this  house  among  the  millionnaires  of 
New  York. 

The  Stuarts  sprang  from  the  humblest  origin.  They 
were    Scotch-Irish.     The    father  was   indolent  and  in- 


288  PETER  COOPER. 

temperate.  The  mother  was  intelligent,  industrious, 
and  pious.  Her  desire  was  to  preserve  her  boys  from 
want,  and  train  them  in  the  fear  of  the  Lord.  To  sup- 
port her  children,  the  mother  manufactured  molasses 
candy,  and  sent  out  her  boys  to  sell  it.  The  candy 
was  toothsome,  and  uniformly  excellent,  and  found  a 
ready  market.  From  the  profits  of  the  trade  the 
mother  of  the  Stuarts  was  able  to  open  a  small  candy 
store.  From  this  humble  beginning  sprang  the  retail 
establishment  so  celebrated  in  the  city,  and  the  great 
sugar  refinery  of  the  house  so  famous  in  all  the  land. 
The  brothers  are  devout  Presbyterians,  and  are  among 
the  most  princely  donors  to  the  religious  enterprises 
of  that  important  sect,  Their  benefactions  are  not  con- 
fined to  the  members  of  their  own  faith.  Their  con- 
tributions to  every  good  work  are  large  as  the  sea. 

For  many  years  the  Stuarts  lived  in  Chambers  Street, 
adjoining  their  refinery.  One  of  the  firm  still  keeps 
his  residence  on  the  old  spot,  though  surrounded  by 
trade  and  the  clash  of  business.  The  other  has  moved 
into  the  aristocratic  locality  of  Fifth  Avenue,  where  he 
dwells  in  princely  style.  No  turnouts  in  Central  Park 
excel  in  style  and  beauty  those  driven  by  the  Stuarts. 
Springing  from  the  humblest  origin,  basing  their  busi- 
ness on  integrity,  they  show  in  their  success  what  New 
York  can  do  for  penniless  boys  who  are  willing  to  help 
themselves. 

PETER    COOPER. 

Quiet,  old-fashioned,  and.  undemonstrative,  Mr. 
Cooper  is  one  of  the  best  business  men  in  New  York. 
He  drives  about  the   city  in  an  old-fashioned,  square- 


HORACE  GREELEY.  289 

# 
topped  carriage,  the  pattern  of  which  might  have  come 

out  of  the  ark.  This  is  drawn  by  a  large-sized  horse, 
very  fat,  very  dignified,  and  very  lazy,  which  cannot  be 
coaxed  by  the  jerk  of  the  reins,  nor  charmed  by  the 
application  of  the  whip,  out  of  the  sullen  trot  he  has  i 
held  for  so  many  years.  The  horse  and  the  master 
seem  of  about  the  same  age.  This  unique  establish- 
ment can  be  seen,  when  Wall  Street  is  the  most  roar- 
ing, tied  in  front  of  prominent  brokers1  on  the  street. 
Mr.  Cooper's  personal  appearance  would  attract  atten- 
tion anywhere.  He  is  nearly  seventy;  wears  long, 
flowing  gray  hair;  peers  through  his  glasses,  and  has 
the  look  of  simplicity  which  the  popular  prints  ascribe 
to  Mr.  Pickwick.  He  has  a  very  humane  heart,  which 
is  easily  touched  with  a  tale  of  sorrow,  but  is  accounted 
one  of  the  shrewdest  business  men  in  Xew  York.  He 
has  amassed  a  great  fortune,  nor  has  he  tripped  once. 
Beside  other  heavy  donations,  l^c  has  reared  his  own 
memorial  in  the  institution  known  as  Cooper  Union. 
He  founded  this  institution  for  the  benefit  of  science, 
and  for  the  education  of  the  masses.  He  gave  the 
princely  sum  of  three  hundred  thousand  dollars,  and 
the  property  is  now  worth  half  a  million.  The  invest- 
ment was  so  shrewd  that  the  annual  income  is  thirty 
thousand  dollars.  Mr.  Cooper  has  the  simplicity  of  a 
child.  He  is  easy  of  access,  and  is  almost  run  down 
with  visits  from  the  needy,  the  oppressed,  and  the  sor- 
rowing. 

HORACE    GREELEY. 

Whoever  wishes  to  see  Mr.  Greeley  will  find  him  in 
his  little  den  of  an  office,  hard  at  work.     He  writes 
19 


290  HORACE  GREELEY. 

sitting  on  a  high  stool,  on  a  pine  table  without  a  cover, 
which  comes  up  to  his  chin.  His  letters  are  legion. 
He  reads  thern  all,  writes  every  answer  himself,  though 
a  clerk  puts  the  answer  into  the  envelope  and  directs 
it.  His  only  relief  from  the  crowd  is  hiding  himself 
away,  and  finding  a  new  hiding  place  each  day.  His 
lectures,  addresses,  and  public  speeches,  occupy  nearly 
every  evening  in  the  week,  and  to  humane  and  reform- 
atory gatherings  he  gives  his  services  gratuitously. 

Mil  Greeley  is  the  well-known  editor-in-chief  of  the 
New  York  Tribune.  He  is  one  of  the  marked  men  of 
the  city,  and  is  one  of  the  most  influential  He  began 
life  on  the  lowest  round  of  the  ladder,  and  by  his  talent, 
invincible  industry,  and  purity  of  character,  has  ele- 
vated himself  to  the  highest  position,  and  has  probably 
more  power  to-day  over  the  American  people  than  any 
other  living  man.  His  style  of  dress  and  appearance 
in  the  street  are  ver^  peculiar.  His  white  coat  has 
become  as  historical  as  Naj)oleon's  gray  one.  His  face 
is  fair,  and<*a  youthful  and  healthful  hue  flushes  it. 
His  step  in  the  street  is  hurried.  His  head  is  in 
advance  of  his  body,  while  his  feet  trail  heavily  on  the 
ground.  The  crowd  that  rush  past  him  make  no  im- 
pression upon  him,  whether  they  rush  by  without 
noticing,  or  pause  to  follow  him  with  their  eyes.  His 
head  is  massive,  quite  bald  on  the  top,  fringed  with 
flaxen  hair  around  the  base  of  the  brain,  till  it  blends 
with  a  loose,  thin  beard  of  the  same  color,  which  crops 
out  irregularly  around  the  throat,  and  over  a  loosely- 
tied  black  silk  neckerchief.  In  height  he  is  a  little 
below  six  feet.  His  eyes  are  of  a  grayish-blue.  His 
eyebrows  are  so  flaxen  as  to  be  almost  unobservable. 


HORACE  GREELEY.  201 

His  dross  has  long  been  the  subject  of  caricaturists. 
He  can  be  picked  out  anywhere,  whether  in  a  paper 
sketch,  charcoal  sketch,  or  rude  drawing.  He  wears  a 
loosely  fitting  black  swallow-tailed  coat,  black  pants, 
black  velvet  or  silk  vest.  His  cravat  is  the  heavy  silk 
one  of  other  days.  He  wears  no  jewelry  except  a  gold 
ring.  His  hat  is  of  the  soft,  broad-brimmed  style, 
pushed  back  from  the  forehead,  as  if  the  brain  was  too 
active  or  too  hot  to  be  covered.  Physically  he  is 
powerful  but  awkward.  He  stoops,  droops  his  shoulders, 
swings  his  arms,  and  walks  with  a  lounging,  irregular 
gait.  There  is  nothing  in  his  personal  appearance  to 
indicate  a  man  of  commanding  power,  and  the  editor-in* 
chief  of  one  of  the  most  influential  journals  of  the  age< 

Mr.  Greeley  is  not  a  partisan.  He  represents  the-gen- 
eral  convictions  and  aspirations  of  the  American  peo- 
ple. In  those  biding  places  of  New  England's  power, 
the  factories,  workshops,  and  the  hearths  of  quiet 
homesteads,  the  Tribune  is  an  oracle.  In  the  fenced 
fields  of  the  prairies,  and  in  the  log  cabins  of  the  far 
'Wett.  it  is  a  power.  Pioneers,  stock  raisers,  and  intel- 
ligent mechanics  trust  Mr.  Greeley.  All  sects  and 
fashions  of  religionists,  dreamers,  schemists,  and  ideal- 
ists find  fair  play  in  the  Tribune.  Mr.  Greeley  is  dis- 
tinguished for  the* intensity  and  honesty  of  his  convic- 
tions. He  may  be  wrong,  but  is  never  base ;  he  may 
be  in  advance  of  public  opinion  ;  he  may  be  deserted  by 
all  but  a  few  dozen  followers  on  some  new  questions ; 
he  may  oppose  his  own  party;  he  may  attempt  to 
destroy  an  officer,  or  a  policy,  that  he  helped  to  create 
a  few  months  before.  While  cursing  his  vagaries,  the 
public  have  unbounded  confidence  in  the  purity  of  his 


292  HORACE  GREELEY. 

motives  and  his  questionless  honesty.  He  is  schooled 
for  defeat  as  well  as  victory.  Patronage  cannot  allure 
him  from  what  he  believes  to  be  right.  Nominations 
for  office  cannot  corrupt  him.  His  paper  is  a  political 
power,  of  unexampled  success.  As  an  individual  politi- 
cian, Mr.  Greeley's  life  so  far  is  a  failure.  He  has  none 
of  the  elective  affinities  that  mark  a  great  leader ;  and 
though  he  generally  comes  out  right  with  the  public 
in  'the  end,  his  intolerance  of  differences  in  public 
judgment  mar  his  present  success. 

As  a  speaker,  he  is  very  forcible  and  impressive,  but 
not  attractive.  Calls  on  him  for  charitable  purposes, 
temperance,  and  humane  gatherings  are  numerous. 
His  response  to  these  calls  is  cheerful,  and  without  com- 
pensation. In  private  life,  in  company  with  a  few 
friends,  and  in  personal  intercourse,  he  is  a  delightful 
companion.  His  table-talk  is  spirited,  humorous,  and 
full  of  anecdote.  He  is  no  ascetic,  but  receives  heartily 
the  good  things  of  Providence,  refusing  wines,  and  all 
strong  drinks,  taking  no  beverage  stronger  than  tea. 
His  memory  is  stupendous,  and  the  accuracy  by  which 
he  can  recall  the  political  movements  of  the  past,  and 
the  votes  even  of  the  states,  is  marvellous.  Not  much 
of  an  artist  himself,  he  is  fond  of  pictures,  sculpture,  and 
music.  His  charities  are  very  large,  and  scarcely  any 
one  gets  into  his  presence,  who  wants  a  contribution, 
without   obtaining  one. 

BROWN   AND   BROTHERS. 

This  great  banking-house  is  known  all  over  the 
world  for  its  reliability,  and  the  honorable  manner  in 
which  its  business  is  discharged.     The  founder  of  the 


BROWN  AND  BROTHERS.  293 

house  is  James  Brown,  who  is  still  living.  Like  so 
many  of  our  successful  men,  Mr.  Brown  was  horn  in 
the  north  of  Ireland,  and  came  to  this  country  when  a 
lad,  bringing  nothing  with  him  but  good  principles 
and  his  indomitable  industry.  His  home,  in  the  north 
of  Ireland,  was  the  centre  of  the  linen  manufacture, 
and  Mr.  Brown  commenced  business  by  importing 
linens.  In  this  business  his  brothers  were  engaged. 
With  William,  the  English  partner  of  the  firm,  who  was 
knighted,  James  acquired  a  handsome  fortune.  "With 
this  he  opened  the  banking-house  of  Brown  k  Brothers. 
Mr.  Brown  is  a  man  of  great  liberality,  and  a  devout 
Presbyterian.  He  has  built  the  finest  private  banking- 
house  in  the  world,  on  Wall  Street.  It  is  of  white 
marble,  and  cost  a  million  of  dollars.  Mr.  Brown  is  a 
gentleman  of  the  Old  School.  He  attends  closely  and 
personally  to  his  own  business.  He  is  of  medium 
height,  about  seventy  years  of  age,  stoops  slightly ;  his 
hair  is  gray,  and  his  manners  are  quiet  and  unostenta- 
tious. He  goes  to  his  daily  business  as  regularly  as 
any  clerk  in  New  York. 


294  GEORGE  LAW. 

GEORGE    LAW. 

This  gentleman  was  born  near  Cambridge,  Washing; 
ton  County.  He  came  to  New  York  a  penniless  lad, 
and  reached  mature  life  before  he  made  his  mark  on 
the  city.  He  obtained  his  start  financially  by  his  con- 
tract to  build  the  High  Bridge  for  the  Croton  Aque- 
duct. He  obtained  several  other  contracts  equally 
profitable,  and  then  became  a  speculator  in  "Wall  Street. 
His  connection  with  the  ferries  and  railroads,  especially 
Harlem,  Eighth  Avenue,  and  city  roads,  enabled  him  to 
amass  a  colossal  fortune. 

Mr.  Law  resides  in  a  fashionable  residence  on  Fifth 
Avenue.  He  is  a  huge  man  in  size,  ponderous  as  well 
as  tall,  with  an  immense  face  and  head,  which  seems 
swollen,  it  is  so  huge.  His  features  are  coarse,  and  one, 
from  his  general  expression,  would  judge  him  to  be  a 
hard  man  to  deal  with.  Like  most  men  who  started 
poor,  Mr.  Law  has  very  little  sympathy  with  the  masses. 
He  is  probably  as  unpopular  a  man  as  can  be  found  in 
New  York.  He  has  the  control  of  several  railroads  and 
ferries,  and  he  runs  them  to  suit  his  own  pleasure.  The' 
public  are  nothing  to  him  but  contributors  to  his 
fortune.  If  he  wants  a  ferry,  and  can  get  it  in  no  other 
way,  he  will  start  an  opposition  line,  reduce  the  fare, 
run  off  the  old  line,  then  raise  the  fare,  charge  wmat  he 
pleases,  and  give  the  public  such-  accommodations  as 
he  is  disposed  to.  He  is  over  sixty  years  of  age,  drives 
a  one-horse  buggy,  which  is  shabby  and  dilapidated. 
Slovenly  in  his  dress,  coarse  in  his  manners,  with  a 
countenance  stolid  as  if  made  of  mahogany,  he  can  be 
seen  daily  riding  from  point  to  point,  giving  personal 
attention  to  his  immense  business. 


WILLIAM  E.  DODGE.  U*'5 

WILLIAM    E.    DODGE. 

This  gentleman  is  President  of  the  Chamber  of  Com- 
merce, lie  is  one  of  the  most  eminent  and  honored 
men  in  the  city.  Full  sixty  years  old,  he  does  not 
look  more  than  forty.  Slim,  spare,  with  a  head  and 
nice  that  defy  phrenology  and  Lavater  to  read,  he  has 
had  uniform  success.  He  started  penniless,  connected 
himself  with  Sunday  schools  and  churches  as  he  be- 
gan life,  and  has  become  one  of  the  richest  men  in  Xew 
York,  as  he  is  one  of  the  most  liberal.  Other  men 
have  had  spurts  of  liberality.  Girard  wanted  to  han- 
dle his  money  after  his  death  and  strike  religion,  so 
he  founded  the  Girard  College.  Astor  builded  his 
own  monument  in  the  erection  of  the  Library  which 
bears  his  name.  Drew,  as  a  centennary  offering  cre- 
ated the  Madison  Seminary  by  a  donation  of  quarter 
of  a  million.  Mr.  Dodge  began  to  give  when  he  was 
poor,  and  has  continued  his  donations,  increasing  them 
with  his  increasing  ability.  Ten  thousand  dollars  is  a 
common  sum  for  him  to  donate,  when  the  cause  is 
right.  He  gave  fifty  thousand  dollars  to  the  Young 
Men's  Christian  Association,  for  their  building.  .The 
last  year  he  gave  away  three  hundred  thousand  dol- 
lars, and  during  that  time  his  House  made  no  money, 
but  lost  it  in  the  decline  of  gold  and  the  shrinkage  of 
stock.  He  is  a  Presbyterian,  and  an  Elder  in  the 
church,  but  he  limits  his  donations  to  no  sect,  creed,  or 
cause.  His  donations  to  foreign  and  domestic  mis- 
sions— to  colleges  and  theological  seminaries — the 
building  of  churches  and  educational  institutions — the 
spread  of  temperance — the  work  of  city  missions,  and 


296  THOMAS  R.  AGNEW. 

to  aid  religion  and  humanity  in  the  sjoarse  settlements 
of  our  country  and  in  foreign  lands,  are  simply  enor- 
mous. He  is  run  over  with  deputations  from  commit- 
tees, from  societies,  from  individuals,  from  vagrants 
and  impostors.  He  has  passed  morning  after  morning, 
his  letters  unopened,  his  business  untransacted,  listen- 
ing to  applications  for  help.  He  is  a  great  worker  in 
Sunday  schools,  a  teacher,  and  spends  his  spare  time 
on  the  Sabbath  in  addresses.  He  is  a  capital  speaker, 
warm-hearted,  energetic,  and  eloquent.  He  especially 
delights  in  visiting  the  neglected  portions  of  the  city 
and  speaking  to  mission  schools,  and  as  he  leaves  usu- 
ally a  donation  with  his  speech,  his  visits  are  very 
welcome.  One  of  the  sharpest,  shrewdest,  most  suc- 
cessful business  men  of  New  York,  he  is  high-toned, 
bold,  open,  and  earnest  in  his  labors  as  a  Christian. 

THOMAS    R.    AGNEW. 

Mr.  Agnew  is  pronounced  a  model  merchant  on  the 
street.  He  is  one  of  the  few  men  who  turn  every- 
thing which  they  touch  into  gold.  He  has  revived 
the  Old  School  practice  of  integrity,  and  having  be- 
come a  millionaire  he  demonstrates  in  his  life  that  such 
a  course  is  profitable.  He  started  to  be  rich ;  to  gain 
wealth  by  honesty,  and  to  keep  his  heart  warm,  he 
resolved  to  make  his  donations  keep  pace  with  his  suc- 
cess. When  he  had  little,  he  was  generous ;  when  he 
had  much,  he  was  munificent,  His  style  of  doing 
things  may  be  illustrated  by  an  incident.  Near  his 
home  a  new  Dutch  Church  had  been  built.  It  was 
proposed  to  give  the  pastor  a  surprise  at  New  Year's 
by  paying  off  the  floating  debt  of  $3,000.     Near  the 


THOMAS  R.  AGNEW.  207 

church  is  tlic   residence  of  a  well-known  merchant, 

Thomas  K.  Agnew.  lie  is  noted  for  his  liberality  in 
advertising.     lie  is  very  lavish  in  this  way,  and  as  a 

ilt  his  business  is  very  large,  and  he  is  said  to  have 
accumulated   great  wealth.     He  attends  personally  to 

business;  stands  at  his  counter  from  morning  till 
night,  receiving  money;  has  his  frugal  dinner  cooked 
in  his  store",  and  does  not  leave  till  his  day's  business 
is  fully  done,  and  the  porter  hands  him  the  keys. 
Though  he  keeps  a  first  class  grocery  store,  he  never 
drank  a  drop  of  liquor  in  his  life,  never  made  a  note, 
or  borrowed  a  dollar.  He  is  a  Presbyterian  by  pro- 
fession. One  of  the  up-town  churches  was  in  some 
difficulty  because  the  church  edifice  was  in  the  hands 
of  a  man  disposed  to  make  trouble.  Mr.  Agnew 
bought  the  church  and  all  its  appliances,  and  made  a 
donation  of  it  to  the  congregation.  Presbyterian  as 
he  was,  the  Dutch  thought  that  perhaps  he  might  give 
something  toward  removing  the  debt.  One  of  the  rich 
men  of  the  congregation  was  detailed  to  call  on  the 
merchant  and  ask  his  assistance.  Mr.  Agnew's  man- 
ner is  short,  sharp,  and  decisive.  He  said  to  the  ap- 
plicant, "  How  much  do  you  owe  ?  "  "  Three  thousand 
dollars.1'  "  How  much  has  been  subscribed  ?"  "  Eight 
hundred."  "Then  you  owe  $2,200.  I'll  give  $1,100; 
you  give  $1,100,  and  we'll  settle  the  thing  this  min- 
ute." The  Dutchman  wa$  not  only  very  wealthy,  but 
very  close,  and  the  blow  staggered  him.  But  the 
New  York  merchant  pressed  his  point.  The  solicitor 
yielded,  and  gave  his  written  obligation  to  pay  the 
money  that  day.  Mr.  Agnew  gave  him  $1,100,  and  he 
departed.     The  joy  of  the  church  was  great. 


XXI. 
JACOB  BARKER. 

His  Colored  Relative. — Negro  Enterprise. — Barker  at  the  North. — 
^  Banker  outwitted. — Dermatology. 

This  notorious  financier  has  done  a  large  business 
on  the  street,  and  is  well  known  in  all  the  financial 
circles.  A  gentleman  in  Bond  street  claims  to  be  his 
grandson,  and  there  is  a  romance  about  the  affair  of 
no  common  order,  The  citizens  of  New  York  hear 
through  the  press  of  Doctor  B.  C.  Perry,  Dermatolo- 
gist. He  advertises  more  largely  than  any  doctor  in 
America  except  Helmbold.  He  is  not  a  black  man — 
he  is  not  a  white  man ;  he  is  half  Indian  and  half 
negro.  His  grandmother  was  an  Indian  doctress  in 
Rhode  Island,  of  much  celebrity,  and  there  Dr.  Perry 
was  born.  He  inherited  the  reputation  and  some  of  the 
skill  of  his  grandmother,  and  though  bound  out  as  a 
servant  he  aspired  to  better  things.  At  twenty-one 
years  of  age,  with  a  capital  of  two  hundred  dollars 
which  he  had  saved  from  his  earnings,  he  set  up  in 
New  Bedford  as  a  barber.  He  married,  and  in  con- 
nection with  his  shop  his  wife  opened  an  establishment 
for  millinery,  to  which  was  attached  a  department  of 
hair  dressing  for  ladies.  His  business  as  a  hair  dresser 
made  him  familiar  with  the  diseases  of  the  skin.     He 


Jacob  barker.  299 

made  the  subject  a  specialty,  called  it  dermatology, 
and  set  himself  up  as  a  doctor  in  that  line.  He  bc- 
came  a  hard  student,  gave  up  his  barber's  establish- 
ment, and  threw  himself  on  the  public.  He  had  great 
faith  in  advertising,  and  spent  all  lie  had  in  that  way. 
Getting  up  a  lecture,  he  resolved  to  try  his  hand  where 
he  was  not  known.  He  took  a  hall  in  Worcester,  ad- 
vertised a  lecture,  placarded  it  thoroughly,  exhausted 
all  his  funds,  and  was  greeted  by  an  audience  of  tell 
persons.  Among  the  audience  was  one  man  who  was 
interested  in  the  subject,  followed  him  to  his  hotel, 
obtained  relief,  and  was  of  great  value  to  Perry  in  his 
subsequent  career.  He  visited  Boston,  Providence, 
Lowell,  spending  in  every  place  in  advertising  all  he 
made,  keeping  himself  poor,  yet  confident  that  some 
time  he  would  reap  a  harvest.  He  attracted  attention 
by  his  persistent  efforts,  and  laid  the  foundation  for 
his  successful  and  lucrative  business. 

He  thought  it  time  to  open  correspondence  with  his 
relatives  in  Xew  Orleans.  He  wrote  a  letter  to  Jacob 
Barker,  claiming  a  relationship,  using  a  name  that  was 
well  understood,  stating  his  business,  and  asking  aid. 
He  wrote  also  a  letter  to  Barker's  son,  writing  his  full 
name.  Bela  Colgrove  Perry.  That  letter  fell  into  the 
hands  of  the  gentleman's  wife.  In  neither  letter  did 
Perry  state  that  he  was  a  negro.  Shortly  after  he  re- 
ceived a  letter  from  Barker  promising  to  meet  him  at 
the  North — making  an  appointment  of  the  day  and 
place.  Barker  had  not  the  least  idea  who  Perry  was, 
and  when  he  introduced  himself,  met  him  with  un- 
feigned astonishment.  They  walked  out  to  the  Park, 
that  they  might  be   alone,  sat  down  under  the  tree-, 


300  JACOB  BARKER. 

and  the  conversation  commenced.  "  You  are  a  negro," 
said  the  Banker."  "I  am  colored,"  was  the  reply. — 
"Not  very  dark.  Hundreds  as  dark  as  you  pass  for 
white  men.  Now  you  come  to  New  Orleans ;  I  will  take 
care  of  you.  I  have  a  store  that  is  unoccupied ;  I  will 
set  you  up  in  business ;  I  will  stock  the  store,  furnish 
you  with  money,  and  make  a  man  of  you.  Think  of  it," 
said  Barker,  as  he  walked  away,  having  placed  a  small 
amount  of  gold  in  the  hand  of  his  relative.  Perry  did 
think  of  it.  He  saw  the  trap  laid  for  him,  and  con- 
cluded to  remain  where  he  was.  He  now  has  a  name 
among  the  sensation  doctors  of  New  York,  and  has  a 
fine  residence,  and  a  very  extensive  practice.  His 
lotions,  pills,  and  remedies  are  very  popular.  He 
affects  style,  keeps  his  servants,  and  prides  himself  on 
his  literary  taste  and  elegance.  While  he  was  prac- 
tising in  Boston  he  resolved  to  carry  that  city,  doctors 
and  all,  and  he  succeeded.  He  is  master  of  the  pecu- 
liar practice  to  which  he  addressed  himself.  The  first 
physicians  in  the  country  send  their  patients  to  him. 
Self-educated,  earning  his  own  living,  battling  with 
fortune  against  fearful  odds,  he  has  richly  earned  the 
success  which  has  attended  his  career.  He  makes 
money,  and  in  his  specialty  he  stands  at  the  head. 


XXII. 


KIDD  THE  PIRATE. 


Sails  FROM  Wall  Street. — New  York    Home. — Piracy. — Kidd   turns 
Pirate. — Buried  Treasures. — The  Gibbet. 


KIDD    THE    PIRATE    IX    WALL    STREET. 

Tins  remarkable  man  is  intimately  connected  with 
Wall  Street.  He  sailed  on  his  remarkable  voyage  from 
the  foot  of  the  street  when  he  entered  on  that  career 
of  infamy  which  has  made  him  immortal.  An  asso- 
ciation exists  in  Wall  Street  whose  purpose  is  to  dig 
for  Kidd's  money,  and  to  search  for  his  buried  treas- 
ures. The  belief  that  his  name  was  Robert  Kidd,  and 
not  William ;  that  he  buried  his  treasures  on  Gardin- 
er's Island,  and  up  the  Hudson  ;  that  those  treasures 
can  be  secured  is  entertained  by  large  numbers  in  and 
around  Xew  York.  Fortune-tellers  have  pointed  out 
the  exact  location  repeatedly;  clairvoyants  and  dream- 
ers have  made  the  discovery ;  coin  is  occasionally 
found  in  different  localities  to  keep  up  the  drooping 
spirits  of  the  faithful,  and  assessments  are  regularly 
called  in,  that  the  good  work  may  go  on.  Investing 
in  Kidd's  stock  is  about  as  valuable  as  many  other 
investments  offered  in  the  street. 

Kidd  had  a  house  and  lot  on  Wall  Street.     He  was 

(301) 


302  KIDD  THE  PIRATE  IN  WALL  STREET. 

a  wild  adventurous  fellow,  when  he  was  young,  and 
ran  away  to  sea.  He  passed  through  the  various 
grades,  and  sailed  from  New  York  as  Captain  of  a 
privateer  in  1691.  He  married  a  respectable  lady  and 
moved  into  a  commodious  house,  in  the  then  upper 
part  of  New  York,  which  was  located  in  Liberty  street, 
then  known  as  Crown  street.  Piracy  was  then  com- 
mon, and  was  less  disreputable  than  now.  The  war 
between  England  and  France  filled  our  waters  with 
corsairs.  Pirates  with  the  black  flag,  daring  and  cruel, 
ravaged,  destroyed,  and  pillaged  on  the  high  seas  and 
on  the  land.  They  were  numerous  on  the  American 
coast.  They  ran  into  the  creeks  and  inlets,  and  up 
the  small  rivers,  and  sold  to  merchants  the  spoils  they 
took  from  the  ships  which  were  crossing  the  main. 
The  people  of  New  York  and  Boston  connived  at  the 
crime,  and  profited  by  the  depredations  of  these  out- 
laws. The  authorities  were  charged  with  being  in 
complicity  with  the  pirates.  Desperadoes,  known  to 
belong  to  piratical  craft,  swaggered  about  the  streets 
of  the  city  unmolested.  They  squandered  their  money 
in  taverns,  filled  the  streets  with  rioting,  and  made  the 
nights  hideous  with  brawling  and  revelry.  Trade 
with  foreign  ports  was  broken  up,  and  unless  the  pirati- 
cal trade  was  ended,  honest  business  must  come  to  a 
'standstill. 

From  being  a  privateersman,  Kicld  secured  the  com- 
mand of  a  packet  ship  between  New  York  and  London. 
The  English  ministry  were  troubled  about  the  preva- 
lence of  piracy  in  the  North  American  waters.  It  was 
proposed  to  fit  out  a  privateer,  fully  armed,  to  defend 
commerce,  and   scourge  the  pirates  from  the  coast. 


KIDD  THE  PIRATE  IN  WALL  STREET  303 

Thie   colonial  Governor  Bellomont,  secured  for  Kidd 
•   command  of  this  privateer.     It  is  believed  that 

with  the  commission  given  to  Kidd,  to  clear  the  coast 
of  pirates,  there  was  a  private  enterprise  organized,  to 
seize  and  lake  ships,  vessels  and  goods,  belonging  to 
the  French  king  and  his  subjects,  and  bring  the  gain 
to  London.  Kidd  bound  himself  in  the  penalty  of 
£20,000  sterling,  to  honestly  fulfil  the  contract,  and 
render  fair  account  of  the  prizes  he  might  take.  Col- 
onel Livingston,  owner  of  the  lordly  manor  on  the 
Hudson,  became  Kidd's  bondsman.  The  pirate  evi- 
dently, at  that  time,  stood  high  in  the  confidence  of 
the  best  men  in  New  York.  He  was  shrewd,  daring, 
competent,  and  was  supposed  to  be  honest.  Dis- 
tinction and  untold  wealth  were  within  his  grasp. 
He  took  an  affectionate  leave  of  his  family,  whom  he 
left  in  his  house  in  Crown  street,  was  attended  to  his 
vessel  by  the  merchants,  whose  trade  the  pirates  had 
ruined,  and  by  the  authorities,  whose  honor  was  so 
deeply  involved  in  the  suppression  of  unlawful  traffic. 
Dressed  in  the  handsome  uniform  of  a  British  naval 
officer,  he  anticipated  the  day  when  he  would  return, 
loaded  with  wealth  and  honor.  His  crew  was  a  picked 
one,  made  up  of  steady  men,  mostly  of  those  who  had 
families..  To  complete  his  force,  however,  he  took  the 
river  sailors,  and  with  one  hundred  and  fifty-five  men, 
sailed  beyond  the  Narrows  for  the  Indian  ocean. 

It  is  even  iii  doubt,  to-day,  whether  Kidd  was  or  was 
not  a  pirate.  That  he  captured  vessels,  was  deserted 
by  his  crew,  and  denounced  in  England  as  a  traitor,  is 
unquestioned.  His  name  became  a  terror  in  England 
and  America.     Ships   arriving  at  any  port,  brought 


304  KIDD  THE  PIRATE  IN  WALL  STREET 

thrilling  stories  of  Kidd's  black  flag,  his  boldness, 
atrocity,  and  blood-thirstiness.  French  and  Spanish 
vessels  alike  were  seized,  treasure  taken,  victims  mur- 
dered, and  vessels  burned.  Moors  and  Christians, 
English  and  Americans,  were  his  victims.  He  tortured 
their  persons  to  find  hidden  treasures.  He  made  raids 
on  the  land,  burned  houses,  pillaged  and  slaughtered, 
and  was  as  much  a  terror  on  shore  as  on  the  sea. 
These  rumors  were  generally  believed.  His  noble 
friends  abandoned  him.  The  government  issued  a 
proclamation  denouncing  his  piracy,  and  offering  a 
heavy  reward  for  his  capture.  In  the  midst  of  the 
excitement,  Kidd  arrived  in  our  waters.  His  vessel  was 
loaded  with  coin  and  jewels,  the  fruits  of  his  piracies. 
At  the  extreme  end  of  Long  Island,  Kidd  landed,  and 
buried  his  treasures  on  what  is  known  as  Gardiner's 
Island.  A  family  occupied  the  Island,  and  gave  the 
spot  its  name.  The  story  is,  that  Kidd  came  ashore, 
and  demanded  of  Mrs.  Gardiner  that  she  should  cook 
his  supper  for  him.  He  presented  her  with  a  cradle 
blanket,  made  of  gold  thread  and  silk.  In  the  orch- 
ard, on  the  Island,  he  buried  his  treasure,  threatening 
the  family  with  massacre,  if  they  revealed  the  spot,  or 
touched  the  gold.  The  portion  of  his  wealth  that  he 
did  not  bury,  he  divided  with  his  crew.  Having  done 
this,  he  sailed  for  Boston,  and  then  came  to  New  York. 
He  appeared  boldly  in  the  streets,  and  was  confronted 
by  BeUomont,  who  ordered  him  to  be  seized.  The 
governor  took  from  him  all  his  private  papers,  memo- 
randa, and  a  list  of  his  treasures.  Kidd  was  put  in  irons, 
sent  to  England  as  a  pirate,  and  confined  in  Newgate 
Prison.     He  was  tried  and  convicted  as  a  pirate,  and 


KIDD  THE  PIRATE  IN   WALL  STRE1  I  305 

hung  at  the  dock  in  May,  1701.  The  curious  doggerel 
printed  and  circulated  at  the  time  of  the  execution 
still  survives,  and  hands  his  name  aud  atrocities  down 
to  coming  time.  For  over  a  hundred  years,  persons 
have  been  digging  for  Kidd's  treasures.  It  is  estimated 
that  over  thirty  thousand  people  have  embarked  in  this 
enterprise.  There  are  men  in  and  around  Wall  Street, 
who  get  a  very  respectable  living  from  the  dupes  who 
are  ready  to  invest  in  the  attempts  to  find  the  pirate's 
treasures.  Public  meetings  have  been  held  in  the  city 
by  parties  interested  in  the  search.  At  one  meeting 
it  was  gravely  stated  that  the  spirit  of  Kidd  watched 
his  treasures,  and  succeeded  in  blinding  the  diggers. 
One  of  the  popular  traditions  about  Kidd  was,  that  the 
pirate  was  chased  up  the  North  River  by  a  man-of- 
war.  He  sunk  his  ship  with  its  precious  freight  near 
the  Dunderberg  mountains.  A  company  was  formed, 
a  coffer  dam  thrown  across,  and  professional  divers 
employed  at  a  large  expense.  Traces  of  the  vessel 
were  found,  but  no  treasure.  Dupes  and  fools  who 
are  willing  to  be  swindled  abound  in  Xew  York  and 
the  vicinity,  who  are  ready  to  continue  the  search  for 
the  lost  treasures  of  Kidd  the  pirate. 


20 


XXIII. 
THURLOW  WEED. 

OPERATOR     IN    THE     STREET. — ADVANTAGES. — APPEARANCE. — POPULARITY. — 
TRAITS   PERSONAL. 

But  few  men  have  had  a  more  chequered  experience 
on  the  street  than  Thurlow  Weed.  He  has  made  and 
lost  many  fortunes,  and  is  still  a  man  of  wealth.  He 
has  been  so  long  identified  with  the  government,  and 
so  intimately  associated  with  its  highest  authorities, 
knowing  its  purposes,  plans,  and  movements,  that  he 
has  been  able  to  avail  himself  of  the  rise  and  fall  of 
stocks,  and  to  lead  all  speculators  in  anticipating  the 
movements  of  government.  A  slight  thing  produces 
a  panic  in  the  street,  and  a  slender  clue  leads  to  for- 
tune. A  word  from  the  President,  a  despatch  sent  to 
Europe,  the  closeting  of  a  foreign  Minister  with  the 
Secretary  of  State,  a  bill  to  be  introduced  for  purposes 
of  the  government  next  month  concerning  the  sale  of 
gold  and  other  matters,  affect  the  market.  Though 
the  market  be  agitated  but  for  a  moment  fortunes 
change  hands,  and  those  who  are  in  the  secret  reap  a 
golden  harvest.  For  ten  years  Mr.  Weed  has  been 
the  confidential  friend  and  adviser  of  the  government. 
He  is  shrewd,  cool,  sharp,  and  able.      Yet  the  uncer- 

(306) 


•  OPERATOR  IN  THE  STREET,  307 

tainty  and   hazard  which  surround   all   movements   in 
the  street,  have  attended  him. 

One  of  the  most  famous  rooms  in  the  Astor  is  No.  11. 
It  is  on  the  parlor  floor,  near  the  ladies'  entrance.  It 
consists  of  one  room  and  a  small  ante-room.  Save  the 
President's  room  at  the  White  House,  no  room  in 
America  has  had  a  greater  influence  on  the  political 
destinies  than  room  No.  11.  This  is  the  room  occupied 
by  Thurlow  Weed.  He  has  occupied  it  for  a  term  of 
years.  Men  of  mark  in  the  nation  and  in  the  world, 
cabinet  officers  and  foreign  ministers,  eminent  civilians, 
governors  of  states  and  territories,  with  members  of 
Congress,  when  in  New  York  find  their  way  to  No.  11. 
In  that  little  room  Presidents  have  been  made  and 
destroyed,  foreign  embassies  arranged,  the  patronage 
of  the  nation  and  state  distributed,  and  the  u  slates  " 
of  ambitious  and  scheming  politicians  smashed.  Mr. 
Weed  has  long  been  the  Warwick  in  politics.  lie  is 
eminently  practical,  keen,  and  far-sighted.  He  looks 
for  success,  and  when  his  party  follows  his  lead  it 
generally  triumphs.  Without  office,  emolument,  or 
political  gifts  to  bestow  on  his  friends,  he  has  more 
influence  with  the  politicians  of  the  land  than  any  man 
in  America.  He  has  great  gifts  as  a  writer.  His  short, 
sharp,  telling  articles,  signed  T.  W.,  attract  universal 
attention. 

He  is  a  marked  man  about  the  Astor.  He  never 
walks  through  the  corridors  but  he  attracts  attention, 
and  the  universal  inquiry  is,  Who  is  that  gentleman  ? 
He  walks  generally  alone,  with  a  soft,  cat-like  tread, 
his  head  inclined  on  one  side,  and  as  if  in  great  haste. 
His  tone  of  conversation  is  low,  like   one  trained  to 


303  AD  VANTA  GES.— APPEARANCE.^ 

caution  in  his  utterances,  lest  he  should  be  overheard. 
He  is  tall,  with  a  slight  stoop.  He  carries  an  air  of 
benevolence  in  his  face,  and  looks  like  a  man  of  letters, 
and  would  easily  be  mistaken  for  a  professor,  or  a 
doctor  of  divinity.  His  modesty  and  activity  are 
marvellous.  He  is  seldom  at  rest,  but  comes  and  goes 
like  one  driven  by  an  impulse  that  is  irresistible.  He 
takes  the  evening  train,  and  is  back  to  business  the 
next  morning.  He  walks  into  the  dining-room,  and 
before  you  can  say,  "  There  is  Thurlow  Weed,"  he  has 
eaten  and  gone.  While  he  sits  at  his  breakfast  at  the 
Astor,  he  reads  the  telegraph  that  announces  his  arrival 
in  Albany.  A  message  comes  to  him  in  cipher.  He 
takes  the  midnight  train  for  Washington,  and  before 
the  press  can  announce  his  arrival,  he  is  back  to  his  old 
quarters. 

ADVANTAGES. 

He  took  to  the  daily  press  as  some  boys  take  to  the 
sea.  He  has  great  tact  in  editing  a  paper,  and  is  one 
of  the  best  letter  writers  in  the  land.  He  has  travelled 
much,  and  his  correspondence  from  foreign  lands,  and 
from  different  parts  of  our  own  country,  is  a  model 
of  terseness,  raciness,  and  spirit.  He  appeared  to  the 
public  as  an  editor  in  Rochester.  He  bought  out  a 
half  interest  in  a  small  paper.  The  Anti-masonic  excite- 
ment was  then  raging.  He  admitted  an  article  into  his 
weekly,  denouncing  the  arrest  and  death  of  Morgan. 
He  wrote  an  editorial  on  the  same  subject.  The  pub- 
lication of  these  articles  brought  a  storm  of  indignation 
upon  him  that  sunk  his  little  craft.  Mr.  Weed  thought 
it  not  fair  that  his  partner  should  suffer.  He  bought 
out  his  interest,  moved  the  concern  to  Albany,  and  set 


POPULARITY.  309 

up  an  independent  paper.  He  formed  an  intimate  con- 
nection with  Governor  William  H.  Seward,  now  Secre- 
tary of  State.  The  two  constituted  a  might}'  power  in 
the  political  world,  which  continued  for  over  thirty  years, 
controlling  the  destiny  of  the  state,  and  dividing  its 
patronage.  It  was  the  general  impression  that  Mr. 
Weed  earned  the  laurels  and  Mr.  Seward  wore  them. 
Mr.  Seward  is  very  fond  of  his  cigar.  In  old  stage 
times  he  generally  rode  with  the  driver,  that  he  might 
enjoy  his  favorite  Havana.  While  riding  one  day,  the 
driver  eyed  the  quiet,  silent  gentleman  for  some  time, 
and  thought  he  would  find  out  who  he  was.  Address- 
ing himself  to  Mr.  Seward,  he  said,  "  Captain,  what  are 
you  ?  "  "  Guess,"  was  the  reply.  «  A  farmer  ?  "  "  No." 
"A  merchant?"  "No."  "A  minister?"  "No."  "Well, 
what  then?"  "Governor."  "Governor  of  what?" 
"  Of  this  state."  "  I  guess  not."  "  Inquire  at  the  next 
tavern."  Driving  up,  Mr.  Seward  asked  the  proprietor, 
"  Do  you  know  me  ?  "  "  Yes !  "  "  What  is  my  name  ?  " 
"  Seward."  "  Am  I  Governor  of  New  York  ? "  "  No, 
by  thunder!     Thurlow  Weed  is." 

APPEARANCE. 

Mr.  Weed  has  held  long  political  rule.  He  has  talent, 
tact,  industry,  and  shrewdness  ;  more  than  all,  he  has 
heart.  To  all  dependents,  however  humble,  he  is  con- 
siderate. There  is  not  a  boy  or  man  on  the  great  lines 
from  New  York  to  the  lakes  who  does  not  know  and 
love  him.  A  conductor  said,  "  Mr.  Weed  could  send  a 
glass  vase  to  Galena  by  the  boys,  and  not  have  it 
broken."  He  pays  liberally  for  all  favors,  and  has  a 
peculiar  way  of  attaching  persons  to  himself.     To  the 


310  TRAITS  PERSONAL. 

lowly,  indigent,  and  unfortunate  he  is  a  tender  friend. 
His  private  life  is  crowded  with  deeds  of  kindness,  and 
a  thousand  eyes  moisten  at  the  mention  of  his  name. 
At  any  inconvenience  or  cost  he  will  serve  those  to 
whom  he  is  attached.  When  he  resided  in  Albany,  he 
has  been  known  to  wait  hours  at  night  for  a  delayed 
train,  to  meet  one  who  had  asked  to  see  him. 

f     TRAITS   PERSONAL. 

In  the  days  of  his  great  political  power  he  would  not 
always  admit  distinguished  men  into  his  presence,  but 
the  lowly  could  always  gain  his  ear.  One  day,  being 
greatly  pressed  with  business,  he  gave  orders  that  no 
one  should  be  admitted.  A  senator  called.  Mr.  Weed 
named  the  hour  that  he  would  see  him.  The  governor 
called,  and  a  similar  appointment  was  made.  A  heavy 
knock  brought  Mr.  Weed  to  his  feet.  A  colored  man, 
trembling  like  a  pursued  fawn,  asked  to  see  him.  Mr. 
Yvreed  knew  him,  had  befriended  him  before,  and  knew 
that  nothing  but  stern  necessity  brought  him  from 
home.  In  his  tenderest  tones,  Mr.  Weed  bade  him 
come  in.  He  pushed  aside  his  papers,  and  heard  his 
story,  gave  him  money,  and  aided  him  in  his  flight. 
He  had  no  time  for  a  senator  or  a  governor,  but  he  had 
time,  counsel,  and  money  for  a  fugitive  negro.  And  this 
is  but  a  type  of  Mr.  Weed's  private  life. 

Mr.  Weed  is  very  fascinating  and  genial  as  a  com- 
panion. As  successful  orators  put  themselves  in  sym- 
pathy with  their  audience,  Mr.  Weed  has  the  ability  of 
completely  captivating  those  with  whom  he  converses. 


TRAITS  PERSONAL.  311 

There  is  an  air  of  frank  benignity  in  his  manner,  a  ten- 
derness in  his  tone,  and  he  seems  so  sincere  in  his  efforts 
to  please,  that  one  is  captivated  with  his  society.     ITe 
is  one  of  the  best  talkers  in  the  country.     For  more 
than  iifty  years  he  has  been  the  intimate  companion  of 
our  eminent  public  men.     He  has  a  mass  of  informa- 
tion, anecdote,  incident,  and  story  about  earlier  days, 
that  is  interesting  and  fascinating.     It  is  his  purpose 
to  write  the  history  of  men  and  things  as  he  has  known 
them  for   half   a  century.      His  correspondence    with 
public   men,  at  home  and  abroad,  has  been  immense. 
His  daughter  Harriet,  since  the  death  of  her  mother, 
has  been  bound  up  in  her  father.     His  wishes,  neces- 
sities,  and    comfort   have    been    her    constant   study. 
Many  years  ago,  unbeknown  to  her  father,  she  gath- 
ered, assorted,  and  indexed  all  his  letters  and  papers, 
with  every  sort  of  memorandum.    Since  she  commenced, 
the  work,  each  day  she  has  carefully  gathered  e very- 
note  and  letter.    Every  piece  is  labelled  and  numbered,, 
and  carefully  entered,  by  index,  in  a  book,  so  that  Mr* 
Weed  can  call  for  any  letter,  or  paper,  or  memorandum,, 
as  far  back  as  the  time  of  Jackson,  and  have   it  pro- 
duced as  readily  as  any  bank  can  present  to  a  customer 
his  account.    Such  a  mass  of  private  history,  embracing 
a   period    so   full    of  startling    events;    such    political 
revelations ;  such  letters  from  politicians  and    public 
men,    so   racy,   so    sensational    and    telling,    does   not 
exist  in  this  country  anywhere  outside  of  the  strong 
box  under  the  key  of  Miss  Harriet  Weed.     To  bring 
out  the  treasures  of  this  chest  will  constitute  the  closing 
life-work    of  Thurlow  Weed.     While   abroad    he    was 
received   everywhere   with   honors. 


XXIV. 
STOUT  AND  DICKINSON. 

THE   HOUSE. — OLD   SCHOOL  AND  NEW. — HONOR  AND     SUCCESS. — COMMERCIAL 
VALUE    OF   MEN. 

This  house  is  comparatively  new  on  the  street,  and 
yet  it  is  an  old  house.  Five  years  is  quite  a  long  time 
to  run  a  Wall  Street  business  successfully.  At  least  a 
thousand  men  have  made  and  lost  fortunes  in  that 
time ;  have*  startled  the  street  by  gigantic  speculations, 
or  bold  operations;  have  excited  envy  by  the  display 
of  wealth  and  fashion,  and  been  swept  from  the  surface 
and  disappeared.  While  heavy  fortunes  have  been 
won  and  lost  during  that  period  this  house  has  attained 
a  front  rank  in  the  stock  business,  and  secured  the 
leading  custom  of  the  street.  It  has  dissipated  the 
absurd  and  vicious  notion  that  business  cannot  be  done 
on  the  principles  of  integrity, — that  to  succeed,  men 
must  be  mean,  sharp,  unprincipled,  with  other  charac- 
teristics, which  the  world  calls  shrewdness.  The  temp- 
tations for  stock  brokers  to  speculate  are  as  great  as 
they  are  for  a  tapster  to  drink.  This  house  based  it- 
self on  principle ;  resolved  firmly  to  do  simply  a  com- 
mission business  in  stocks  and  gold,  and  never  to  run 
any  hazard,  how  glittering  soever  the  temptation  may 
be.     Hundreds  have  gone  under,  but  this  house  has  a 

(312) 


OLD  SCHOOL  AND  NEW,  3  I  8 

name  of  honor  in  all  parts  of  the  land.  It  lias  revived 
the  old  style  of  trade  in  New  York,  and  proved  that 
honor  in  business  and  integrity  have  a  high  commer- 
cial value,  for  no  house  has  made  larger  profits. 

OLD    SCHOOL   AND    NEW. 

There  are  two  kinds  of  business  men,  and  two  kinds 
of  business,  in  this  city.  The  old-school  merchants  of 
New  York  are  few.  Their  ranks  are  thinning  every 
day.  They  were  distinguished  for  probity  and  honor. 
They  took  time  to  make  a  fortune.  Their  success 
proved  that  business  integrity  and  mercantile  honesty 
were  a  good  capital.  Their  colossal  fortunes  and 
enduring  fame  prove  that  to  be  successful  men  need 
not  be  mean,  false,  or  dishonest.  Astor,  Cooper,  Dodge, 
Stewart.  Stuart  Brothers,  the  Phelpses,  in  business,  are 
representatives  of  the  same  class.  When  John  Jacob 
Astor  was  a  leading  merchant  in  New  York,  he  was 
one  of  the  few  merchants  who  could  buy  goods  by  the 
cargo.  A  large  dealer  in  teas  knowing  that  few  mer- 
chants could  outbid  him,  or  purchase  a  cargo,  concluded 
to  buy  a  whole  ship-load  that  had  just  arrived  and  was 
offered  at  auction.  He  had  nobody  to  compete  with, 
and  he  expected  to  have  everything  his  own  way. 
Just  before  the  sale  commenced,  to  his  consternation 
he  saw  Mr.  Astor  walking  leisurely  down  the  wharf. 
He  went  to  meet  him,  and  said,  '•'  Mr.  Astor,  I  am 
sorry  to  see  you  here  this  morning.  If  you  will  go  to 
your  counting-room,  and  stay  till  after  the  sale,  I'll  give 
you  a  thousand  dollars."  Without  thinking  much  about 
it,  Mr.  Astor  consented,  turned  on  his  heel,  and  said, 
a  Send  round  the  check."  .  He  found  that  he  had  made 


314  HONOR  AND  SUCCESS. 

one  thousand  dollars,  and  probably  had  lost  ten  thousand 
dollars.  But  he  kept  his  word,  and  that  is  the  way  he 
did  his  business. 

The  lease  of  the  Astor  House  ran  out  some  time 
since.  Just  before  it  expired  some  parties  from  Boston 
tried  to  hire  the  Astor  House  on  the  sly,  over  the  heads 
of  the  Stetsons.  In  a  private  interview  with  Mr.  Astor, 
they  wanted  to  know  his  terms.  He  replied,  "I  will 
consult  Mr.  Stetson,  and  let  you  know.  I  always  give 
my  old  tenants  the  preference."  To  consult  Mr.  Stet- 
son was  to  defeat  the  object  they  had  in  view,  and  they 
pressed  it  no  farther.  No  one  asks  a  guarantee  of  an 
old  New  York  merchant  that  he  will  not  cheat  in  the 
commodity  which  he  sells. 

HONOR    AND    SUCCESS. 

The  path  to  success  is  plain.  It  can  hardly  be 
missed.  Yet  success  is  the  exception.  The  road  to 
commercial  ruin  is  as  broad  and  well  known  as  Broad- 
way, yet  it  is  crowded.  Some  men  always  get  along. 
Throw  them  up  anywhere  and  they  will  come  down  on 
their  feet.  Thus  continued  prosperity  follows  a  well- 
known  law.  One  of  the  best  known  presidents  of  one 
of  our  banks  began  his  career  by  blacking  boots.  He 
came  to  New  York  a  penniless  lad,  and  sought  .employ- 
ment at  a  store.  "  What  can  you  do  ?  "  said  the  mer- 
chant. "  I  can  do  anything,"  said  the  boy.  "  Take 
these  boots  and  black  them,  then."  He  did  so,  and  he 
blacked  them  well ;  and  he  did  everything  else  well. 
Quite  a  young  man  has  been  promoted  to  be  cashier 
over  one  of  our  leading  banks,  and  that  over  older 
men.     His  associates  dined  at  Delmonico's.     He  ate  a 


COMMERCIAL   VMJ'E  OF  MEN.  3  1  5 

frugal  dinner  daily  in  one  of  the  rooms  of  the  bank. 
Industry,  integrity  and  pluck  are  at  a  premium  in  I 

York.  Men  envy  Stewart's  success  who  never  think 
of  imitating   his   toil,  or  his  business    integrity.     Mr. 

Clatlin,  the  rival  of  Stewart,  works  more  hours  a  day 
than  he  requires  any  employee  to  do.  Till  quite 
recently  he  made  his  own  deposits  in  the  bank.  Yet 
defalcations  are  many.  Cases  of  embezzlement  abound. 
Revelations  of  fraud  are  daily  and  startling.  Men  of 
high  standing  are  thrown  down,  and  desolation  carried 
to  their  homes.  Dishonesty,  rash  speculations,  stock 
gambling,  expensive  horses,  with  women,  wine,  fast  and 
high  living,  tell  the  story.  Most  of  our  large  houses 
and  enterprising  merchants  and  rich  men  have  at  one 
time  or  another  gone  under.  Many  such  have  taken 
off  their  coats,  rolled  up  their  sleeves,  and  gone  at  it 
again,  seldom  without  success.  Many  have  given  up 
hope,  and  taken  to  the  bottle.  New  York  is  full  of 
wrecks  of  men,  who,  because  they  could  not  pay  their 
notes,  have  flung  away  character,  talent  and  all. 

COMMERCIAL    VALUE    OE    MEN. 

Men  have  a  market  value  as  much  as  real  estate, 
and  certain  elements  of  character  are  as  essential  to 
success  as  money.  Other  firms  have  been  as  honest, 
and  had  as  much  principle  as  this  house,  but  have  not 
succeeded.  Some  men  are  just,  and  mean  to  be  fair 
in  trade.  But  they  are  hard  and  harsh,  abrupt  and 
sharp  in  their  manner,  and  men,  who  get  out  of  their 
clutches  are  slow  to  get  in  again.  Xew  York  is  more 
marked  for  incivility  in  trade  than  probably  any  other 
place  on  the  continent.      Cartmen,  conductors,  ticket- 


316  COMMERCIAL  VALUE  OF  MEN. 

sellers,  postmen,  and  tradesmen  generally,  are  charac- 
terized by  incivility.  The  old  school  politeness  of  the 
days  of  Washington,  Hancock,  and  Gray,  has  departed. 
The  unseemly  quarrels  between  the  Bench  and  the 
bar  show  that  "Your  Honor"  is  quite  as  much  a  sar- 
casm as  a  title  of  respect.  It  was  the  custom  of  the 
olden  time  for  hotel-keepers,  in  person,  to  welcome 
the  comers,  and  speed  the  parting  guests — to  see  that 
small  parcels  were  taken  from  the  arm  of  the  weary 
traveler,  and  little  attentions  shown,  that  are  so  grate- 
ful to  a  stranger  in  a  strange  city.  It  is  difficult  now 
to  know  who  the  landlord  is.  Snobby  and  uncivil 
parties,  with  curt  answers,  take  the  place  of  the  old 
hosts.  Omnibus  men  swear  at  lady  passengers,  and 
genteel  people  are  thrust  out  of  cars  by  way  of  recrea- 
tion. At  the  exhibitions  of  the  fine  arts,  mere  lads 
receive  the  tickets,  because  they  are  cheap.  This 
house  is  a  living  illustration  that  the  old  school  man- 
ners have  not  fully  passed  away,  and  that  civility,  in- 
tegrity, and  fair  dealing,  with  promptness  and  good 
will,  are  a  cash  capital  in  the  street. 


XXV. 
DETECTIVES  IN  THE  STREET. 

BOLD     OPERATORS     IX     CRIME. IIOAV    CRIMINALS     SUCCEED. — AUDACITY    AND 

SUCCESS. — TALENTS    OF    THE    DETECTIVES. — QUALIFICATIONS. — FAILURES. 

The  boldest  and  most  daring  operators,  in  crime  as 
well  as  in  finance,  find  the  street  well  adapted  to  their 
peculiar  talents.  The  field  is  an  alluring  one,  and  bold 
strokes  do  marvels.  The  lower  part  of  the  street  is 
full  of  narrow  lanes,  dark  passages,  underground  rooms, 
and  chambers  high  up,  and  far  back,  reached  by  in- 
tricate, narrow,  and  ill-lighted  pathways.  Loading 
and  unloading  gold  in  cars,  vans,  and  carts,  is  as  com- 
mon as  loading  and  unloading  merchandise  on  the 
wharves.  Adroit  and  daring  thieves  are  constantly  on 
the  street.  They  throttle  a  young  lad  in  a  narrow 
passage  and  take  his  treasures  from  him.  They  pick 
up  a  bag  of  gold,  in  the  presence  of  a  dozen  people, 
follow  the  messenger  into  the  bank,  and  disappear 
through  the  private  door.  They  enter  as  a  gang  into 
the  dark,  dingy  office  of  an  old-fashioned  broker,  and 
while  a  portion  of  the  party  attempt  to  negotiate  bonds, 
the  other  party  rob  the  safe  of  hundreds  of  thousands. 
There  is  scarcely  a  bank  on  the  street  that  does  not 
employ  one  or  more  detectives.     This  class  of  officers 

(317) 


318  BOLD  OPERATORS  IN  CRIME. 

is  usually  out  of  uniform.  The  most  expert  and  cele- 
brated of  detectives  are  anything  but  bright  looking, 
but  appear  like  dressed-up  expressmen,  or  cartmen  in 
Sunday  clothes,  and  ill  at  ease.  In  the  head-quarters 
of  this  portion  of  the  force,  where  a  dozen  of  the  most 
celebrated  detectives  meet,  there  is  not  one  that  would 
be  selected  by  a  stranger  as  being  smart,  keen,  or 
shrewd,  or  possessing  anything  more  than  quite  ordi- 
nary ability.  It  costs  Stewart  a  thousand  dollars  a 
month  for  the  detective  force  he  has  in  his  establish- 
ment, to  keep  customers  from  pilfering.  Claflin,  and 
other  large  merchants,  who  have  a  rush  of  trade,  have 
to  call  in  the  services  of  this  peculiar  class.  Wall 
Street  is  full  of  detectives.  They  stand  at  the  corners 
of  the  streets,  are  found  within  and  without  the  Treas- 
ury building,  and  messengers  go  on  their  way  under 
their  escort. 

The  cool  audacity  with  which  some  robberies  are 
committed  is  almost  beyond  belief.  A  broker,  doing 
a  very  large  business  employs  a  great  many  clerks. 
He  holds  for  safe  keeping  the  bonds  of  many  capital- 
ists. During  business  hours,  he  stood  in  front  of  his 
safe,  which  was  open,  talking  to  a  gentleman.  A  man 
came  in  without  a  hat,  with  a  pen  behind  his  ear,  and 
a  piece  of  paper  in  his  hand.  He  walked  around  the 
counter  where  the  banker  stood  and  said  to  him, 
"Will  you  please  to  move,  sir,  so  that  I  can  get  at  the 
safe  ?"  The  banker  stepped  aside  mechanically — he 
did  not  look  at  the  party.  The  very  audacity  of  the 
fellow  threw  him  off  his  guard.  The  fellow  went  up 
to  the  safe,  took  one  hundred  thousand  dollars  of 
United  States  bonds,  coolly  walked  out  of  the  door. 


TALEXTS  OF  TEE  DETECTIVES.  319 

and  has  never  since  been  seen.  In  the  afternoon,  the 
bonds  were  missed,  and  the  audacious  coolness  of  the 
rogue  came  to  light 

QUALIFICATIONS    OF    A    DETECTIVE. 

Good  detectives  are  rare.  An  unblemished  character 
is  indispensable,  for  the  temptations  are  many.  A  detec- 
tive must  be  quick,  talented,  and  possess  a  good  mem- 
ory;  cool,  unmoved,  able  to  suppress  all  emotion;  have 
it  endurance,  untiring  industry,  and  keen  relish  for 
his  work  ;  put  on  all  characters,  and  assume  all  dis- 
guises; pursue  a  trail  for  weeks,  or  months,  or  years; 
go  anywhere  at  a  moment's  notice,  on  the  land  or  sea  ; 
go  without  food  or  sleep ;  follow  the  slightest  clew  till 
lie  reaches  the  criminal ;  from  the  simplest  fragment 
bring  crime  to  light ;  surround  himself  with  secrecy  and 
mystery  ;  have  great  force  of  will ;  a  character  without 
reproach,  that  property  and  persons  may  be  safe  in  his 
hands;  with  a  high  order  of  intellectual  power.  The 
modern  detective  system  is  based  on  the  theory  that  pu- 
rity and  intelligence  has  a  controlling  power  over  crime. 
Detectives  must  be  pure  men,  and,  like  Caesar's  wife, 
be  above  suspicion  when  they  come  out  from  the  ordeal 
through  which  they  have  to  pass.  To  obtain  the  right 
kind  of  men,  the  force  has  often  to  be  sifted  and  purged. 

TALENTS    OF    THE    DFTECTIVES. 

Crime  is  not  only  systematized,  but  classified.  Each 
adroit  rogue  has  a  way  of  doing  things  which  is  as 
personal  as  a  man's  handwriting.  We  have  really  few 
great  men  ;  great  orators,  men  of  mark,  distinguished 
authors,  or  men  of  towering  success,  are   few.     If  a 


320  TALENTS  OF  THE  DETECTIVES. 

princely  donation  is  made,  or  a  noble  deed  done,  and 
the  name  withheld,  the  public  at  once  point  out  the 
man  —  it  would  be  so  like  him.  Bad  talented  men  are 
few.  Adroit  rogues  are  not  many.  Men  capable  of  a 
clashing  robbery,  a  bold  burglary,  or  great  crimes,  do 
not  abound.  If  a  store  is  broken  open  in  New  York,  a 
bank  robbed  in  Baltimore,  or  a  heavy  forgery  in  Boston, 
the  detectives  will  examine  the  work  and  tell  who  did 
it.  As  painters,  sculptors,  artists,  engravers,  have  a 
style  peculiar  to  themselves,  so  have  rogues.  A  Chi- 
cago burglar,  a  safe-breaker  from  Boston,  a  bank-robber 
from  Philadelphia,  a  New  York  thief,  have  each  their 
own  way  of  doing  things.  They  cannot  go  from  one 
city  to  another  without  observation.  If  a  crime  is 
committed,  and  these  gentlemen  are  round,  detection 
is  sure  to  follow.  The  telegraph  binds  the  detective 
force  together  in  all  parts  of  the  Union.  A  great  crime 
is  telegraphed  to  every  leading  city.  When  an  adroit 
rogue  leaves  the  city,  his  whereabouts  are  sent  over  the 
wires.  The  detective  on  his  track  is  the  gentlemanly- 
looking,  affable  personage  with  whom  he  has  been 
chatting  in  the  railroad  car.  The  rogue  lands  in  New 
York,  and  the  friendly  hand  that  helps  him  up  the 
gang-plank,  or  off  the  platform,  is  that  of  a  detective. 
A  keen  eye  is  upon  him  every  moment  till  he  is  locked 
up  or  departs  from  the  city.  When  he  leaves,  the  car 
is  not  out  of  the  station-house  before  the  telegraph 
announces  to  some  detective  far  away  the  departure 
and  the  destination.  His  haunts  are  known,  his  associ- 
ates, the  men  who  receive  stolen  goods,  and  his  partners 
in  crime. 


FAILURES.  321 


FAILURES. 

The  detectives  often  recover  goods  and  money  while 

the  criminals  escape.  People  wonder  why  the  criminals 
are  not  brought  to  punishment.  The  first  duty  of  the 
officer  is  to  brins:  the  offender  to  trial.  But  this  cannot 
always  be  done.  The  evidence  is  often  insufficient. 
The  next  best  thing  is  to  secure  the  money  or  property. 
Many  robberies  are  committed  in  places  of  ill-repute. 
Parties  are  compromised.  Victims  from  the  country, 
who  are  respectable  at  home,  do  not  like  to  read  their 
names  in  the  newspaper.  Hundreds  of  thousands  of 
dollars  are  annually  returned  to  their  owners  through 
the  detectives,  which  would  have  been  lost  without 
their  vigilance. 


21 


XXVI. 
HUMOROUS  SIDE  OF  WALL  STREET. 

Sharp  Men. — Small  of  its  Age. —  Sharp  Trade.  —  Dangerous  Prac- 
tice.— Imitating  Signatures. — Tricks  to  get  Money. — Experts. — 
Sold  out  op  House  and  Home. — Jacob  Little  and  Morse  in  Wall 
Street. —  Shadows  on  the  Street. — Fashionable  Funerals.  —  A 
Eeasonable  Bequest.  —  Religion  in  the  Street.  —  Producing  a 
Sensation. 

There  is  more  humor,  more  frolic  and  fun  in  the 
street,  probably,  than  in  any  other  part  of  New  York. 
The  sharpest  men  that  can  be  found  frequent  the  street. 
They  represent  every  profession,  and  every  calling. 
The  business  is  ordinarily  monotonous  and  dull.  Men 
are  full  of  animal  spirits,  and  often  of  spirits  that  are 
not  animal.  These  give  vent  to  their  feelings,  and 
sharp  sayings,  practical  jokes,  snatches  of  the  opera,- 
shoo  fly,  and  flash  songs.  Cat  calls,  imitation  of  birds, 
with  hideous  noises,  enliven  the  scene.  Jostling, 
knocking  off  hats,  knocking  new  beavers  down  over 
the  eyes  of  the  owners,  and  other  rude  sports,  are  often 
indulged.  If  a  man  is  at  all  unpopular,  or  makes 
himself  obnoxious,  he  is  quite  likely  to  lose  the  collar 
of  his  coat.  If  he  resists,  or  shows  bad  temper  under 
the  rough  treatment,  he  will  probably  lose  his  entire 
suit.  Mock  trials  are  held,  fines  imposed,  and  from 
the  court  there  is  no  appeal.  If  a  child  is  born  to  one 
(322) 


CATCHING  A  FLAT. 


SMALL  OF  ITS  AGE.— SHARP  TRA1 

of  the  Board,  it  is  common  to  take  up  a  penny  collec- 
tion as  a  present. 

SMALL    OF    ITS 

The  characteristics  of  each  one  come  out  on  the 
street.  Bold  operators  show  their  pluck.  The  timid 
are  laughed  at.  The  penurious  are  scourged,  and  the 
mean  show  their  nature.  One  broker  was  asked  if  he 
knew  a  party  that  was  named.  "Know  him?"  said 
the  broker,  "I  was  in  college  with  him."  "  Was  he 
as  mean  then  as  he  is  now?"  "Yes,  he  used  to  go 
behind  the  college  buildings  to  eat  his  nuts  and  raisins, 
that  he  might  not  give  the  fellows  any."  One  of  this 
class  invited  a  few  friends  to  celebrate  the  eighteenth 
birthday  of  his  daughter.  It  was  an  unusual  event, 
and  his  associates  were  afraid  that  this  stretch  of  lib- 
erality would  affect  his  health.  In  the  course  of  the 
evening  he  presented  some  liquor,  which  he  pro- 
nounced very  choice.  The  servant  passed  the  liquor 
round,  pouring  it  into  very  small  glasses,  and  in  very 
.-mall  quantities.  uThis,  gentlemen,"  he  said,  "is  very 
old  liquor  ;  it  was  old  when  I  bought  it ;  I  put  it  away 
when  my  daughter  was  born,  and  it  has  been  kept 
eighteen  years  for  this  occasion."  "I  cannot  believe 
said  one  of  the  guests;  '* it  can't  be  as  old  as  you 
say;   it  is  too  Utile  of  its  age."* 

SHARP    TRADE. 

Two  brokers  met.  '"I  have  a  lot  of  merchandise,"' 
said  one,  "in  a  store,  that  I  took  in  trade.  I  want  to 
dispose  of  it.''  '-I  have  two  or  three  cases  of  cloth- 
ing^ said  the  other,  "that  I  wish  to  dispose  of — how 


324  DANGER 0  US  PASTIME. 

will  you  trade?"  "I  will  take  your  clothing,  and 
give  you  my  merchandise — c  unsight,  unseen.'  "  "  It  is 
agreed."  The  merchandise  consisted  of  old  traps,  sec- 
tions of  stove-pipe,  broken  tools,  worm-eaten  desks, 
remnants  of  brooms,  decayed  barrels,  broken  ladders, 
dilapidated  hose,  and  kindred  merchandise — the  ac- 
cumulation of  years.  The  suits  of  clothes  were  of 
dark  glazed  muslin,  simply  basted. 

DANGEROUS    PASTIME. 

Some  of  the  most  expert  penmen  in  the  country  are 
in  the  street.  The  young  men  imitate  the  signatures 
of  the  boldest  operators.  It  is  quite  a  common  thing 
in  the  office  of  brokers,  at  the  stock  board,  and  in  the 
banks,  for  the  clerks  to  imitate  the  hand-writing  of  dis- 
tinguished men.  They  will  give  you  the  signature  of 
Vanderbilt,  Drew,  Brown  Brothers,  Stout,  Duncan, 
Sherman  &  Co.,  and  others,  so  perfectly  that  the  men 
themselves  cannot  distinguish  the  forged  from  the 
genuine.  In  some  of  the  banks  a  clerk  signs  the  name 
of  the  cashier  to  all  the  checks  drawn  by  the  bank, 
and  will  imitate  the  signature  of  the  officer  so  well,  that 
he  cannot  tell  his  own  writing  from  that  of  his  assistant. 
Bets  are  frequently  made  that  a  check  presented  so 
signed  will  be  paid  at  the  bank.  An  instance  occurred 
the  other  day.  A  dinner  was  pending  for  half  a  dozen 
on  the  success  of  the  experiment.  A  party  drew  a 
check  on  the  bank,  signed  it  as  president,  endorsed  it 
as  cashier,  handed  it  to  the  paying  teller,  who  looked 
at  the  signature  and  the  endorsement ;  placed  it  on  his 
file  and  handed  over  the  money.  The  party  then  went 
behind  the  counter,  paid  the  money  back,  and   took 


DAh  VSTIME.  325 

the  check.  When  such  pastimes  are  indulged,  and 
such  jokes  played,  and  young  men  recreate  themselves 
in  imitating  the  signatures  of  leading  men.  no  one  can 

DO  O  ' 

be  surprised  that  an  expert  like  Ketchum  could  for 
the  signature  of  his  own  House  and  the  endorsement  * 
of  the  Gold  Bank,  and  pass  them  current  on  the  street. 
A  gentleman  who  stood  at  the  head  of  the  United 
States  Treasury  in  this  city,  wrote  a  very  peculiar 
hand.  lie  was  placed  on  the  stand  in  an  important 
case  where  a  forgery  had  been  committed.  The  party 
on  trial  had  forged  the  name  of  a  gentleman  to  a  large 
amount,  The  case  turned  on  the  ability  of  the  wit- 
ness to  decide  whether  the  signature  was  genuine  or 
not.  He  was  very  positive  on  that  point.  His  own 
signature,  lie  said,  was  so  peculiar,  that  it  could  be  told 
anywhere.  While  he  was  on  the  stand,  three  signa- 
tures  were  presented  to  him,  and  he  was  asked  to  de- 
cide which  of  them  was  genuine.  He  pronounced  two 
of  them  to  be  his  signatures.  The  council  presented 
them  to  the  court,  and  requested  the  judge  to  ask  the 
gentleman  if  these  were  his  signatures.  He  said  they 
were.  The  counsel  then  stated  that  these  two  signa- 
tures  pronounced  genuine,  were  written  while  the 
gentleman  was  testifying — written  in  court  by  a  young 
man  who  wras  sitting  at  the  table  and  taking  notes. 
The  gentleman,  amid  great  excitement,  denied  the 
statement,  and  said  it  was  impossible  that  any  one 
could  imitate  his  hand.  The  Judge  ordered  the  young 
man  to  produce  another  signature,  and  the  court,  the 
jury,  the  bar,  and  the  spectators,  looked  on  with  in- 
tense interest.  With  astonishing  rapidity  he  threw  off 
four  signatures  in  the  presence  of  the  company,  so  ex- 


326  '  TRICK  TO  GET  MONEY. 

actly  like  the  treasurer's  hand-writing,  that  he  said  if 
they  had  been  presented  to  him  personally,  at  his  de- 
partment, he  should  have  pronounced  them  genuine. 

This  practice  is  fraught  with  immense  mischief,  and 
banking  houses,  as  well  as  dealers  in  stocks,  are  often 
victimized.  Forged  checks  are  presented  for  payment 
at  a  bank ;  presented  usually  near  three  o'clock,  when 
the  rush  is  great,  and  the  officer  in  a  hurry  is  liable  to 
be  imposed  upon.  Every  day  checks  are  paid  that  are 
forged,  and  the  most  ingenious  devices  are  resorted  to 
to  keep  outside  of  the  criminal  code.  A  check  was 
presented  the  other  day  at  one  of  the  banks,  payable  to 
the  order  of  a  well-known  House.  The  endorsement 
was  forged,  the  party  writing  the  name  of  the  firm  in 
whose  favor  it  was  drawn,  and  writing  his  own  name 
above,  with  "per"  at  the  end  of  it;  but  so  written  as 
to  look  like  " jr  " — (junior.) 

TRICK    TO    GET   MONEY. 

When  Curbstone  brokers  are  hard  up  they  resort  to 
every  possible  plan  to  get  a  little  money.  As  an  illus- 
tration. A  man  called  on  a  well-known  firm  to  get  the 
payment  of  a  bill.  It  was  a  small  bill  of  ten  dollars. 
He  wanted  a  check  to  send  away,  he  said,  and  asked 
the  house  if  they  would  give  him  a  check  for  fifty 
dollars1 — he  paying  the  balance  in  money — which  the 
cashier  was  ready  to  do.  He  took  the  check  home, 
commenced  practicing,  till  he  imitated  the  signature 
of  the  house  perfectly.  In  a  week  he  went  back,  said 
he  had  not  used  the  check,  but  was  going  to  use  it 
that  day.  He  desired  the  signature  of  the  house  on 
the  check,  just  to  identify  his  endorsement.     The  ac- 


exper:  327 

commodation  askecl  was  readily  granted.  He  ob- 
tained a  similar  check,  filled  it  up  exactly,  put  in  the 
sum  of  three  thousand  dollars,  imitated  the  guarantee, 
went  to  the  bank,  handed  the  check  for  fifty  dollars, 
which  was  paid ;  handed  the  check  for  three  thousand 
dollars  immediately  after,  which  resembled  the  pre- 
ceding one  in  every  respect ;  that  also  was  paid,  and  the 
party  took  the  money  and  disappeared.  Not  only  are 
signatures  forced,  but  the  amount  in  bonds  and  other 
securities  is  so  altered  as  almost  to  defy  detection. 
The  rush  of  business  is  so  tremendous  in  large  offices 
in  business  hours,  that  sharp  men  are  often  successful 
in  their  frauds. 

EXPERTS. 

All  the  leading  brokers  are  bankers.  They  take 
money  on  deposit,  allow  interest,  and  the  money  can 
be  checked  out,  as  in  a  bank.  These  large  houses 
differ  from  banks  in  that  they  are  not  incorporated, 
and  they  deal  in  stocks,  as  well  as  take  money  on  de- 
posit. In  nearly  every  house  there  are  experts — men 
who  seem  to  have  an  intuitive  gift  to  detect  forgery. 
It  is  a  very  curious  thing  to  see  a  sharp  expert  at  work. 
I  was  in  an  office  the  other  day,  a  gentleman  came 
in,  handed  a  check  to  one  of  the  firm,  and  said,  "  that 
is  not  my  check,  Sir;  it  is  forged. "  It  was  a  capital 
imitation,  and  the  broker  believed  it  was  genuine. 
The  man  whose  name  had  been  forged  held  a  bundle 
of  checks  in  his  hand,  all  of  which  were  genuine  ex- 
cept that.  The  broker  placed  the  forged  check  in 
the  centre  of  the  bundle,  threw  it  on  the  table,  and 
called  in  his  expert.     Pointing  to  the  package,  he  said, 


328  '  SOLD  OUT  OF  BOUSE  AND  ROME. 

"one  of  those  checks  is  said  to  be  forged."  The  ex- 
pert took  the  bundle  in  his  hand,  and  turned  them 
over  so  rapidly  that  the  eye  could  scarcely  follow  the 
movement.  He  turned  over  probably  fifty  before  he 
came  to  the  bogus  check.  When  he  reached  it,  he 
jerked  it  from  the  bundle,  and  threw  it  on  the  table. 
He  could  give  no  satisfactory  explanation  how  he  de- 
tected it ;  it  was  not  the  paper,  nor  the  filling,  nor  the 
signature,  nor  the  endorsement ;  it  was  the  whole  thing. 
It  did  not  look  right.  It  was  too  smooth,  too  nice. 
There  are  some  experts  that  can  detect  the  best  forged 
bill  or  altered  bond,  if  placed  among  thousands,  the 
moment  the  eye  rests  upon  it.  They  command  enor- 
mous salaries. 

SOLD    OUT    OF    HOUSE   AND    HOME. 

It  is  considered  a  nice  thing  on  the  street  to  outwit 
a  fellow  broker.  A  gentleman  owned  a  very  nice 
house,  which  he  had  built  and  furnished  to  suit  him- 
self. He  offered  to  sell  it  at  an  advance  of  five  thou- 
sand dollars.  A  party  instantly  drew  his  check,  and 
bought  the  house.  When  the  papers  were  passed  they 
were  made  out  to  a  third  party.  The  speculator  made 
fifteen  thousand  dollars  by  the  transaction.  The  bell 
of  an  up -town  broker  was  rung  one  morning  and  a 
gentleman  asked  permission  to  examine  the  parlors. 
He  was  desirous  of  buying  a  house  in  that  block,  and 
had  understood  that  they  were  all  alike.  He  was  from 
the  country,  had  but  little  time  to  spend,  and  the  un- 
civil occupant  would  not  let  him  in.  The  civil  broker 
showed  him  the  parlors,  and  as  he  was  leaving  simply 
said,   u  I  suppose  you  would  not  sell  your  house."   "Oh 


TELEGRAPH  IN  WALL  STREET.  329 

yes,"  said  the  gentleman,  "I  would  sell  anything  but 
my  wife  and  children."  A  price  was  named,  accepted, 
and  a  contract  entered  into.  The  next  day  he  found 
he  had  sold  to  a  broker — sold  for  ten  thousand  less 
than  his  next  door  neighbor  got  for  his  house,  and  had 
actually  turned  himself  out  of  house  and  home,  and 
had  to  take  refuge  in  an  attic,  in  an  over-crowded 
Fifth  Avenue  hotel. 

TELEGRAni    IX    WALL    STREET. 

Everything  is  bought  and  sold  by  the  telegraph  now. 
Gold  sales  are  all  transacted,  contracts  made,  money 
paid,  checks  stopped,  and  millions  change  hands  daily 
through  the  subtle  agency  of  the  wires.  All  banks, 
stock  boards,  and  large  houses  of  trade,  do  business  by 
telegraph.  In  panics,  money  is  made  by  outsiders. 
California,  Chicago,  Boston,  and  New  Orleans,  reap 
golden  harvests  when  Wall  Street  is  in  a  panic.  Men 
in  the  street  are  at  their  wits  end,  but  these  cool  ope- 
rators in  the  distance  "strike  while  the  iron  is  hot."' 
Professor  Morse,  and  his  associates,  while  they  were 
struggling  to  give  this  great  invention  a  permanent 
footing  came  into  Wall  Street  to  get  money.  The  men 
were  poor  enough.  The  few  persons  that  had  confi- 
dence in  the  invention  had  no  money>  Things  went 
roughly  and  savagely  with  the  little  band.  They 
came  into  the  street,  meanly  dressed,  wearing  rough 
shoes,  and  looked  like  men  who  had  a  hard  battle  to 
keep  the  wolf  from  the  door.  Jacob  Little  was  then 
the  great  financier  of  the  street.  At  that  time  he 
could  have  controlled  all  the  telegraph  lines  in  the 
land.       He  looked  on  Morse  as  a  schemer,  if  not  a 


330  SHADOWS  ON  TEE  STREET. 

charlatan.  "I  will  give  Morse  one  hundred  dollars  to 
help  him  along,"  he  said,  "but  not  one  dollar  for  in- 
vestment." Little  died  in  poverty,  and  Morse  is  a 
millionaire.  John  C.  Spencer  stood  at  the  head  of  the 
Treasury  Department,  and  was  an  intelligent,  talented 
man ;  yet  he  asked  John  Butterfleld  how  large  a  bun- 
dle could  be  sent  over  the  wires,  and  if  the  United 
States  mail  could  not  be  sent  that  way. 

SHADOWS    OX    THE    STREET. 

One  of  our  heaviest  houses  had  reason  to  suspect 
one  of  its  clerks.  A  detective  was  employed  to  track 
the  young  man,  and  he  followed  him  for  fourteen  clays. 
At  the  end  of  that  time,  he  presented  a  written  report 
of  the  movements  of  the  clerk,  and  he  kept  track  of 
him  every  hour.  The  clerk  lived  in  a  country  town — 
he  reached  his  home  by  car  and  boat,  and  during  the 
time  the  detective  was  on  his  track,  he  was  with  the 
clerk  on  every  train,  and  in  every  boat.  He  knew 
where  he  went,  how  long  he  stayed,  with  whom  he 
talked,  and  what  he  ate  and  drank.  He  was  followed 
to  places  of  amusement,  to  houses  of  drinking  and  gam- 
ing. Twice  he  rose  at  two  in  the  morning,  after  he 
had  retired,  and  met  parties  whom  he  had  accurately 
described.  There  was  a  shadow  on  his  path  perpet- 
ually. When  he  was  brought  into  the  president's 
room,  and  charged  with  peculations,  he  was  over- 
whelmed with  the  accuracy  with  which  his  movements 
were  detailed.  He  confessed,  made  restitution  in  part, 
and  was  allowed  to  escape. 


A  REASONABLE  REQUE&  1  33  i 

FASHIONABLE    FUNERALS. 

Style  is  everything  on  the  street.  Persons  have  to 
be  married  in  style,  and  buried  in  style.  Few  men 
can  manage  either  a  party  or  a  funeral.  The  attend- 
ants on  either  can  tell  on  the  entrance  of  a  room,  who 
has  charge  of  it.  At  a  genteel  funeral,  everything  is 
artistic.  Cards  of  invitation  are  issued,  and  the  party 
having  charge  of  it  must  not  be  interfered  with;  The 
arrangement  of  the  furniture,  position  of  the  coffin, 
the  style  and  ornament  of  the  casket,  the  closing  of 
the  shutters,  the  adjustment  of  the  gas — all  indicate 
fashion.  The  plate-glass  hearse,  the  number  of  the 
horses,  the  size  and  quality  of  the  plumes — all  indicate 
the  wealth  of  the  house,  and  its  position  on  'Change. 

A   REASONABLE    REQUEST. 

It  is  a  common  thing  for  Wall  Street  men  to  club 
together,  buy  a  tract  of  ground  in  some  out  of  town 
location  and  build  up  a  settlement,  select  and  exclusive 
as  they  please.  One  of  these  elegant  and  cozy  retreats 
is  on  the  North  River.  To  accommodate  the  families 
a  small  but  elegant  church  was  erected,  and  the  con- 
gregation was  more  select  than  numerous.     Among 

DO  O 

the  new  comers  was  a  gentleman  who  stands  quite 
high  at  the  Bar.  He  joined  the  congregation,  and 
was  peculiar  for  a  slow,  yet  decided  and  bold  utter- 
ance. In  the  service  he  kept  a  word  or  two  behind 
the  congregation,  and  uniformly  did  so  to  the  great 
anno'yance  of  the  worshipers.  His  voice  was  so  loud, 
his  manner  so  patronizing,  and  his  persistent  lagging 
behind  so  annoying,  that  he  attracted  general  atten- 


332  RELIGION  IN  THE  STREET. 

tion.  Had  the  congregation  been  larger  the  annoy- 
ance would  have  been  less  observed.  One  Monday 
morning,  coming  down  in  the  boat,  the  company  were 
expressing  their  impatience  that  the  beautiful  service 
should  be  so  marred  by  the  persistency  of  one  man. 
One  of  the  party,  a  prompt,  rough,  honest-speaking 
man,  said,  u I  will  take  the  nonsense  out  of  him;  I  will 
make  him  keep  up  next  Sunday."  He  went  toward 
the  legal  gentleman,  who  was  sitting  by  himself,  and 
the  company  thinking  there  might  be  some  music, 
gathered  around.  Addressing  himself  to  the  party  he 
said,  "I  see  you  attend  our  little  church  on  Sundays." 
Ci.Yes,  sir."  "I  hope  you  are  interested."  "Very 
much,"  was  the  reply — "we  will  have  a  fine  congre- 
gation by-and-by,  as  the  population  come  in."  "Well!" 
said  the  broker,  "perhaps  you  would  be  willing  to 
confer  a  favor  on  our  society,  if  you  are  interested  in 
our  movement."  "Oh,  certainly,  certainly,"  was  the 
bland  reply,  "anything  I  can  do  for  the  society  I  will 
be  very  happy  to  do."  "Well,  sir,  won't  you  be  kind 
enough,  next  Sunday  morning,  to  f  descend  into  hell ' 
with  the  rest  of  the  congregation?" 

RELIGION    IN    THE    STREET. 

"Where  do  you  attend  church?"  said  a  gentleman 

to  a  prominent  operator  in  the  street.     "Rev.  Dr. 

endorses  my  paper,"  was  the  reply.  Yet  Wall  Street, 
at  least  half  a  day  can  be  found  in  the  fashionable  up- 
town churches.  Many  of  them  are  devoted  Christian 
people.  They  are  identified  with  mission  work  among 
the  lowly ;  they  give  liberally  to  every  good  cause ; 
they  are    teachers   and     superintendents    in  Sunday 


THE   WEALTH  OF  TRINITY.  333 

schools.  In  the  afternoon,  the  great  mass  of  Wall 
Street  will  be  found  in  Central  Park,  rather  than  in 
church.  The  new  system  of  what  are  called  sacred 
concerts  on  sunday  nights,  in  which  the  leading  opera 
singers  perform  operatic  music,  is  patronized  and  coun- 
tenanced principally  by  the  operators  in  the  street. 
The  annual  election  of  wardens  and  vestry  of  Trinity 
parish  excites  quite  as  much  attention  in  Wall  Street 
as  it  does  in  any  portion  of  the  city.  Trinity  leases 
are  immensely  valuable,  and  as  they  occupy  the  best 
portion  of  the  city,  and  are  under  the  control  entirely 
of  the  vestry,  the  annual  choice  of  this  body  excites 
great  attention.  The  famous  Morley  lease,  which  Aaron 
Burr  was  obliged  to  hypothecate  with  John  Jacob 
Astor  when  he  fled  from  the  country,  laid  the  founda- 
tions for  the  landed  wealth  of  that  remarkable  house. 

THE   WEALTH    OF   TRINITY. 

It  is  difficult  to  estimate  the  wealth  of  this  corpora- 
tion. It  is  estimated  at  from  forty  to  a  hundred  millions. 
It  originated  with  a  farm,  in  the  then  upper  part  of 
New  York,  now  in  the  centre  of  business,  which  was 
leased  by  the  governor  to  Trinity  Church.  Subsequent- 
ly one  of  the  governors  of  the  colony  gave  it  to  Trinity 
Church  in  fee.  The  papers  were  sent  across  the  waters 
for  approval,  but  the  home  government  refused  to 
ratify  the  act  of  the  governor.  In  the  Revolution  the 
estate  became  the  property  of  the  state.  It  got  back 
into  the  hands  of  Trii.ity ;  but  New  York  has  a  claim 
which  has  never  been  settled,  that  may  cause  some 
trouble  by  and  by. 


334  PRODUCING  A  SENSATION. 

Nearly  all  this  farm  is  now  covered  with  the  most 
elegant  and  costly  buildings  of  New  York,  and  the 
property  held  by  Trinity,  as  a  whole,  is  in  parts  of  the 
city  where  the  land  is  most  valuable.  It  lies  on  Broad- 
way, between  the  Battery  and  Fourteenth  Street,  and 
spreads  out  like  a  fan.  It  embraces  wharves,  ferries, 
dock  privileges,  and  depots ;  immense  blocks  on  Broad- 
way, of  marble,  granite,  iron,  and  brown-stone  ;  splendid 
stores,  hotels,  theatres,  churches,  and  private  mansions. 
The  most  costly  and  splendid  buildings  in  New  York 
stand  on  leased  ground,  and  the  owners  pay  a  ground- 
rent.  Leases  usually  run  for  twenty-one  years,  contain- 
ing several  renewals  on  a  new  valuation.  A  Trinity 
Church  lease,  with  its  peculiar  privileges  and  covenants, 
is  one  of  the  most  desirable  titles  in  the  city. 

PRODUCING   A   SENSATION. 

A  ball  was  given  at  the  Irving  Hall.  Two  gentle- 
men were  looking  on.  One  said  to  the  other,  "Do 
you  see  that  young  fellow  so  dashingly  dressed?" 
"Yes."  "He  is  our  book-keeper.  He  is  one  of  the 
managers  of  the  ball.  Perhaps  he  can  afford  these 
things;  I  cannot."  The  next  week  there  was  a  va- 
cancy in  that  house.  Quite  different  was  the  line  of 
procedure  in  another  case.  A  clerk  was  guilty  of  ap- 
propriating a  small  sum  of  money  to  his  own  use.  He 
was  detected.  The  broker  called  the  young  man  into 
his  presence,  and  shut  the  door.  "I  could  ruin  you, 
young  man,  and  if  I  discharge  you  you  probably  will 
continue  the  downward  road  on  which  you  have  en- 
tered. I  want  to  show  you  that  on  my  system  of 
doing  business  you  cannot  appropriate  a  cent  without 


/  ;,    l  I     US  ■  -l  SENSATION. 

my  knowing  it.  You  keep  company  that  you  cannot 
afford.     You  don't  play  very  heavily,  but  you  gamble 

a  little.  Now,  I  am  going  to  make  a  man  of  you. 
You  must  make  a  solemn  promise,  that  you  will  neither 
drink  nor  gamble.  This  agreement  you  must  write 
and  sign."  The  young  man  is  now  cashier  of  one  of  the 
largest  banks,  and  the  broker  is  his  bondsman. 


XXVII. 
WALL  STREET  AND  THE  MILITARY. 

The  citizen  soldiery  of  New  York  are  the  peace 
corps  of  the  city.  As  I  have  stated  elsewhere,,  bold, 
daring  men  try  some  of  their  fiercest  assaults  on  the 
street.  More  than  once,  a  commanding  general  has  put 
the  whole  military  force  under  arms,  to  guard  the  treas- 
ures, and  protect  the  vaults  in  Wall  Street. 

Till  the  coming  in  of  the  Metropolitan  Police,  the 
city  troops  held  the  quiet  of  New  York  in  their  hands. 
With  the  exception  of  a  few  riots,  the  city  has  always 
been  celebrated  for  its  good  order  and  quietness.  It  is 
full  of  desperate  men,  ready  for  plunder,  robbery,  and 
arson.  It  is  the  head  quarters  of  the  crime  of  the 
country.  It  is  easy  to  hide  in  the  multitude  of  our 
people.  The  dens,  dark  chambers,  underground  rooms, 
narrow  alleys,  and  secret  retreats,  render  criminals 
more  safe  in  the  city  than  in  any  other  part  of  the 
land.  But  for  the  presence  of  the  military  nothing 
would  be  safe.  Banks  would  be  plundered,  men  robbed 
in  the  streets ;  no  man  could  sleep  safely  on  his  own 
pillow  ;  property  and  life  would  be  as  insecure  as  they 
were  in  Sodom.  There  is  something  very  remarkable 
about  the  New  York  military.  It  represents  every 
phase  of  life,  from  the  highest  to  the  lowest.     It  em- 

(336) 


COLLECTOR  KING.  337 

braces  every  nationality.  The  Seventh  Regiment  is 
entially  New  York.  The  Sixty-ninth  is  wholly  Irish. 
In  the  time  of  the  Know-Nothing  movement,  the 
Seventy-first  Regiment  became  American,  par  excel- 
lence, and*  no  man  was  allowed  to  join  it  unless  he  was 
born  of  American  parents.  Besides  this,  there  were 
German  regiments,  regiments  heterogeneous,  regiments 
composed  mainly  of  Jews  ;  yet  the  whole  division  has 
been  a  unit  in  preserving  public  peace  and  enforcing 
law.  Questions  have  come  up  that  have  agitated  the 
whole  community,  and  men  have  risen  against  the  law. 
From  thirty  to  fifty  thousand  men  have  filled  the 
Park,  defying  the  authorities,  and  threatening  to  de- 
stroy public  property;  Wall  Street  has  been  crowded 
with  maddened  men,  assembled  to  tear  down  the 
banks  ;  mobs  have  gathered  on  political  questions, — 
and  on  every  one  of  these  exciting  topics  the  city 
troops  have  had  as  much  direct  interest,  or  indirect,  as 
any  of  the  rioters,  and,  as  individuals,  have  been  as 
much  excited  ;  yet,  as  soldiers,  they  have  never  shrunk 
from  their  duty.  They  have  promptly  obeyed  every 
call  of  their  officers,  have  been  under  arms  night  and 
day  for  many  days,  placed  their  cannon  in  the  street 
when  ordered  to  do  so,  and  were  as  reliable  in  any 
crisis  as  if  they  had  no  interest  in  the  city  and  not  a 
friend  in  the  world.  There  is  not  a  rogue  in  the  Union 
that  does  not  know  that  should  he  overpower  the  civil 
authorities,  a  few  sharp  taps  on  the  City  Hall  bell 
would  bring  ten  thousand  bayonets  to  the  support  of 
law  ;  and  that  the  city  troops  would  lay  down  their 
lives  as  quickly  to  preserve  the  peace  as  they  would 
to  defend  the  nation's  flag  on  the  battle-field. 
22 


XXVIII. 
COLLECTOR  KING. 


The  Glitter  or  Office. — Buined  Politicians. — Duchess  of  Orleans 
Mr.  Kino  in  his  Country  Home. — Official  Vexations. — Suicide. 


The  most  coveted  offices  in  the  gift  of  the  Govern- 
ment, are  in  Wall  Street.  There  is  more  honor  in  fill- 
ing the  Embassy  to  the  Court  of  St.  James,  but  there 
is  more  money  in  being  collector  of  the  port  of  New 
York.  The  office  of  Collector,  Sub-Treasurer,  Sur- 
veyor, Post-master,  and  District  Attorney,  are  dazzling 
prizes  in  the  eyes  of  politicians.  They  are  the  re- 
ward of  distinguished  political  service,  or  liberal 
donations  to  a  campaign.  Judge  Pierpoint  gave  ten 
thousand  dollars  to  aid  in  the  election  of  General 
Grant,  and  received  his  present  office  as  a  reward, 
valued  by  nobody  at  less  than  thirty  thousand  dollars 
a  year.  The  perquisites  and  pickings  of  a  New  York 
Collector  are  estimated  all  the  way  from  fifty  to  a 
hundred  thousand,  or  more.  There  is  always  on  the 
incoming  of  any  administration  a  strong  fight  over  the 
New  York  spoils.  But  few  men  seem  to  prosper  who 
secure  these  coveted  prizes.  The  style  of  living,  the 
company    officials    are   obliged    to   keep,    the  habits 

(338) 


COLLET  011  KING.  339 

they  indulge  in,  the  constant  drain  upon  their  purse?, 
-  their  time  and  their  health,  seem  too  much  for  them. 
The  fable  of  the  Duchess  of  Orleans  applies  with  full 
force  to  the  officials  of  Wall  Street.  In  accounting  for 
the  singular  misfortunes  of  her  family,  the  Duchess  once 
related  this  legend.  A  Princess  was  born  to  a  noble 
house.  The  fairies  were  bidden  to  greet  its  birth. 
They  -assembled  around  the  cradle  of  the  royal 
child,  and  laid  their  gifts  on  its  head.  One  be- 
stowed beauty,  another  wealth,  another  talent,  another 
position.  One  elf  who  had  been  neglected,  came 
uninvited.  Unable  to  reverse  what  her  sisters  had 
done,  she  mingled  up  a  curse  with  every  blessing, 
But  few  men  have  been  more  fortunate  in  the  dazzling 
positions  offered  by  government  on  the  street.  Men 
of  reputed  wealth,  go  into  office  and  retire  bank- 
rupt. Men  of  the  highest  honor  come  out  stained.. 
Men  of  marked  ability  elsewhere,  seem  to  be  mere  driv- 
elers when  they  touch  the  public  money.  Swart- 
wout  began,  while  collector  of  the  port  of  Xew  York, 
those  gigantic  frauds  unknown  in  official  life  before, 
which  have  been  so  painfully  common  since.  Curtis 
was  appointed  collector  when  his  repute  was  very 
high,  and  his  ability  very  marked,  and  he  died  in  a  mad- 
house.  Draper  added  nothing  to  his  honor,  lost 
the  reputation  he  had  previously  obtained  for  ability, 
and  was  removed  under  a  cloud.  One  of  the  most 
distinguished  business  men  in  the  city,  gained  the 
highest  post  under  the  government  in  the  street.  His 
career  had  been  a  remarkable  one  in  the  city.  He 
had  been  a  poor  boy,  a  successful  clerk,  the  vigilant 
and  energetic  head  of  a  large  dry  goods  house,  and 


3 40  COLLECTOR  KING. 

had  shown  extraordinary  executive  ability  at  the  head 
of  a  leading  financial  concern.  He  threw  the  whole 
away  for  the  glittering  banble  which  promised  him  a 
fortune  in  a  year,  held  office  but  a  little  while,  and 
passed  out  of  sight,  from  among  the  business  men  of 
the  city.  Over  the  finances  of  the  government  in 
Wall  Street,  a  gentleman  was  placed.  He  was  intro- 
duced with  a  great  flourish  of  trumpets,  and  his  execu- 
tive force  and  integrity  were  especially  lauded.  He 
was  charged  with  using  his  position  to  aid  the  gold 
gamblers,  by  which  his  own  pockets  were  to  be  lined. 
In  a  critical  time  he  had  early  information  of  the  pur- 
poses of  government,  and  is  said  to  have  used  these 
intimations  for  the  profit  of  his  associates.  He  was 
deeply  implicated  in  the  conspiracies  of  the  "  Black 
Friday,"  when  the  fortunes  of  so  many  thousands  were 
swept  away,  through  the  recklessness  of  half  a  dozen 
men.  Officially,  his  days  were  few  and  another  took 
his  office. 

A  sadder  history  than  has  been  written  about  most 
of  the  Wall  Street  officials,  is  connected  with  the 
name  of  Collector  King.  At  the  time  of  his  appoint- 
ment, the  office  of  collector  in  New  York  was  a  scene 
of  most  bitter  strife  and  contention.  The  pay  of  the 
position  was  large,  and  the  political  patronage  given 
to  the  collector  made  him  a  sort  of  king  among  poli- 
ticians. Draper  could  not  weather  the  storm.  The 
contestants  in  the  city  were  too  numerous  and  too 
bitter  to  be  pacified.  Mr.  Lincoln,  worn  out  by  the 
strife,  resolved  to  end  it  by  the  appointment  of  an  out- 
sider. Mr.  King  resided  in  St.  Lawrence  county ;  a 
man  advanced  in  years,  enormously  fleshy,  and  every 


Q0LLECTOR  KING.  311 

way  unfit  I'd  for  tlit)  strife  and  Litter  contention  which 
awaited  him  in  New  York.  lie  came  down  to  the 
city,  and  was  hailed  as  the  most  fortunate  of  men.  His 
appointment  showed  him  to  be  the  confidential  friend 
of  the  President.  He  was  at  the  head  of  official  patron- 
age in  New  York.  His  income  would  be  regal,  not 
less  than  one  hundred  thousand  dollars  a  year.  What 
could  any  man  wish  more.  From  the  start,  he  was 
ailed  on  all  sides.  He  was  annoyed  by  unscrupu- 
lous men,  who  hung  about  his  office.  The  pressure 
for  removal  and  appointment  was  immense.  Suits  at 
law  were  commenced  against  him  and  for  a  man  who 
had  been  at  the  head  of  the  Senate,  and  had  enjoyed 
its  reserve  and  dignity,  the  vexations  of  his  position 
were  irksome  in  the  extreme.  Men  dogged  him  to 
his  hotel,  assaulted  him  on  his  way  to  his  meals,  and 
crowded  his  rooms  till  midnight.  He  could  not  get  up  so 
early  that  visitors  were  not  at  his  door  ready  to  enter. 
His  health  gave  way  under  the  pressure,  and  he  was 
taken  to  his  country  home  for  repose.  Recovering  in 
a  measure,  he  returned  to  the  city  one  Saturday  after- 
noon. On  Sunday  preceding  his  death,  he  had  a  talk 
with  Thurlow  'Weed.  He  announced  himself  disgusted 
with  business,  tired  of  office  and  tired  of  life.  He  was 
miserable,  he  said,  and  wished  to  die.  But  for  the 
great  crime  of  committing  suicide,  he  would  die  in  a 
minute.  A  settled  melancholy  covered  him  like  a 
pall.  It  was  not  thought  best  to  leave  him  alone,  and 
watchers  were  put  in  his  chamber.  While  they  slept, 
he  walked  out.  Passing  down  Barclay  street,  he 
entered  a  hardware  store,  where  he  was  well  known, 
bought  two  bags  of  shot,  which  he  put  into  the  pockets 


342  COLLECTOR  KING. 

of  his  overcoat.  He  walked  down  to  the  Jersey  City 
ferry,  and  when  the  boat  „was  about  half  way  across 
stepped  over  the  chains,  deliberately  laid  his  hat  on 
the  boat  and  disappeared.  His  body  was  subsequently 
found  on  the  Jersey  side  and  buried  with  honor.  He 
was  an  honest  man,  kind  in  his  feelings,  and  wanted  to 
do  right.  He  accepted  the  position  of  collector  with 
great  reluctance.  The  glittering  bauble  of  position 
cost  him  his  life. 


XXIX. 
WALL  STREET  AND  FIVE  POINTS. 

It  must  be  said,  to  the  credit  of  Wall  Street,  that 
"by  its  liberal  contributions  it  inaugurated  the  astonish- 
ing change  which  marks  the  locality  known  as  Five 
Points.     This  vile  locality  was  at  one  time  the  rendez- 
vous of  the  most  desperate  and  dangerous  in  the  city. 
Thieves,  vagabonds,  and  murderers,  had  their  homes 
in  this  locality.     The  lower  portion  was  honey-combed 
with  dark  passages,  crooked  and  narrow  lanes,  where 
desperadoes  hid,  or  through  which  they  fled  from  the 
officers  of  the  law.     The  munificence  of  wealthy  men, 
and  leading  brokers,  has  wrought  a  surprising  revolu- 
tion in  this  disreputable  locality.       The  whole  locality 
has  been  changed.       Nearly  twenty  years  of  work, 
designed  to  rescue  little   suffering  childhood,  and  to 
do  good  to  the  perishing,  in  the  name  of  the  Lord, 
has  produced  ripe,  rich  fruit.     The  Old  Brewery  has 
fallen,    and    a    costly   mansion,   the    gift  of  Christian 
munificence,  occupies  its  site.     The  House  of  Industry 
stands  opposite.     Cow  Bay  and  Murderer's  Alley,  with 
rookeries  and  abodes  of  desperate  people,  have  passed 
away.      Comfortable    tenements    occupy   their    place. 
The  hum  of  busy  toil  and  industry  takes  the  place  of 
reeking  blasphemy.     Trade,  with   its   marble,  granite, 

(343) 


344  WALL  STREET  AND  THE  CLERGY. 

and  brown-stone  palaces,  is  pushing  its  way  into  this 
vile  locality,  and  is  completing  the  reform  which  reli- 
gion and  beneficence  began.     On  a  festive  day,  such  as 
Thanksgiving  and  Christmas,  the  ladies  welcome  their 
friends  to  a  sight  worth  travelling  many  miles  to  see. 
From   six  hundred  to  a  thousand  children,  homeless, 
houseless,  and  orphaned,  each  with  a  new  suit  or  dress 
made  by  the  lady  managers  and  their  friends,  singing 
charmingly,  exhibiting  great  proficiency  in  education, 
'  and  a  wonderful  knowledge  of  the  Bible,  sitting  clown 
:to  a  well-laid  table,  it  is  touching  to  see.     Hotels,  mar- 
'ketmen,  bakers,  confectioners,  and   friends  generally, 
jmake    liberal    contribution    to   feed    the   little    ones. 
Loaves  large  enough  for  a  fancy  scull  on  the  Hudson, 
pyramids  of  candies,  and  cakes  and  good  things  by  the 
hundred  weight,  dolls,  toys,  and  presents,  are  abundant 
go  that  each  little  one  bears  some  gift  away. 

WALL  STREET  AND  THE  CLERGY. 

New  York  tries  a  minister  more  than  any  other 
city.  If  he  has  mettle  in  him,  and  patience,  he 
will  succeed.  Men  of  marked  ability  and  talent  get  a 
call  to  New  York,  and  are  as  completely  lost  as  if 
settled  at  Sandy  Hook.  It  is  a  great  wonder  that  any 
one  well  settled  will  come  to  the  city.  A  few  large, 
rich  congregations  are  all  wTell  enough.  The  great 
mass  of  the  churches  are  poor.  To  build  houses  and 
maintain  public  worship  cost  a  great  deal.  Living  is 
high,  and  ministers  are  cramped,  hedged  in,  and  con- 
fined. Hundreds  of  families,  who,  before  they  moved 
to  New  York,  supported  and  attended  public  worship, 


TOO  MUCH  SPECULATION. 


WALL  STREET  AXD  THE  CLERGY. 

do  neither  after  they  come.  Pew  rents  are  very  high, 
and  a  man  on  a  small  salary,  with  a  small  income, 
might  as  well  attempt  to  live  on  Fifth  Avenue  as  to 
attend  a  fashionable  place  of  worship.  Hosts  of  persons 
professing  to  be  Christians  have  no  religious  home,  but 
from  year  to  year  drift  round  from  church  to  church, 
and  pick  up  their  spiritual  provender  where  they  can 
find  it.  The  population  is  constantly  changing  from 
the  east  side  to  the  west,  from  the  west  side  to  the 
north,  from  the  north  to  Brooklyn,  from  Brooklyn  to 
the  country,  and  from  the  country  back  again  to  New 
York.  Many  persons  are  exceedingly  liberal  in  their 
contributions  to  religious  objects.  The  mass  care  but 
little,  and  the  whole  burden  falls  on  a  few.  The  popu- 
lation fluctuates,  and  the  labor  of  keeping  a  city  charge 
together  is  very  great.  Many  pastors  have  left  a  large, 
warm-hearted,  liberal  people  in  the  country  for  a  church 
in  New  York.  Their  salaries,  large  as  they  seemed, 
proved   inadequate   to  a  comfortable   support. 


XXX. 
UNLUCKY  MEN  IN  WALL  STREET. 

OLD  SUPERSTITIONS. — WIZARDS  ON  THE  STREET. — LUCKY  AND  UNLUCKY 
DAYS. — LUCKY  AND  UNLUCKY  MEN.  —  HOSPITAL  FOR  DECAYED  MER- 
CHANTS.— ILLUSTRATIONS    OF   ILL   LUCK. — THE   DEVIL   ON   WALL   STREET. 

In  the  chapter  on  "Wall  Street  in  olden  times,"  I 
alluded  to  the  superstitions  of  the  fathers.  They  be- 
lieved in  witches,  ghosts,  and  hobgoblins.  They  pat- 
ronized conjurors,  fortune  tellers,  and  wizards.  Necro- 
mancers, and  persons  skilled  in  the  black  art,  reaped 
a  golden  harvest  in  the  street,  and  under  their  direc- 
tion men  bought  and  sold,  dug  the  earth,  and  sought 
for  hidden  treasures.  The  superstitions  of  the  earlier 
days  are  reproduced  in  the  street.  Well  known  mer- 
chants, otherwise  intelligent,  shrewd  and  far-seeing, 
consult  modern  oracles  and  make  investments  as  di- 
rected by  the  "mediums"  of  the  present  age.  There 
are  unlucky  days,  in  which  the  superstitious  will  not 
buy  or  sell.  There  is  a  class  of  men  on  the  street,  who 
are  known  to  be  unlucky.  Everything  they  touch  in- 
curs loss,  and  their  investments  turn  to  ashes.  Their 
companions,  associates,  acquaintances,  and  business 
friends,  have  fortunate  streaks.  The  class  are  ever 
doomed  to  disappointment. 

We  may  account  for  it  as  we  will ;  it  is  still  a  fact 

(346) 


UNLUCKY  MEN  IN  WALL  STREET.  347 

that  there  arc  persons  who  may  be  justly  termed  un- 
lucky. They  are  not  only  seen  on  the  street  but  in 
every  department  of  life.  Nothing  that  they  do  pros- 
pers. The  Rothschilds,  among  other  rules  had  this, 
from  which  they  never  swerved  :  Never  to  have  any 
dealings  with  an  unlucky  man,  or  an  unlucky  house. 
They  did  not  pretend  to  explain  how  it  was  that  ill 
luck  would  follow  some  persons,  but  the  fact  they  re- 
cognized, as  all  mustrwho  are  familiar  with  the  history 
of  men.  The  great  Rothschilds  said,  that  ill  luck 
might  arise  from  want  of  judgment,  from  idiosyncracies 
of  character,  from  temper,  from  want  of  moral  qualities, 
from  timidity,  from  rashness.  But  for  men  who  failed 
in  their  enterprises,  or  were  balked  in  their  pursuits, 
who  could  not  carry  their  enterprises  to  success,  or 
were  thwarted  in  their  schemes — from  such  they  turned 
away. 

New  York  is  full  of  illustrations  of  the  wisdom  of 
this  course.  It  is  full  of  men  whose  career  can  only 
be  expressed  by  the  simple  word — unlucky.  Two 
apprentices  start  side  by  side,  equally  honest,  indus- 
trious, and  capable.  One  becomes  the  head  of  a  great 
house,  and  the  other  toils  on,  shiftless,  poor,  and  strug- 
gling to  the  end.  Two  politicians  belong  to  the  same 
party,  in  the  same  ward,  equally  popular,  and  striving 
for  the  same  prize.  The  one  moves  over  a  broad, 
macadamized  path-way  to  success,  everything  turns  to 
his  advantage ;  unseen  hands  roll  every  obstacle  out  of 
his  way.  rivals  stumble  and  fall,  or  die  at  the  right 
time,  and  year  after  year  the  lucky  man  accumulates 
wealth  and  adds  to  his  political  power.  His  compan- 
ion, with  better  principles,  perhaps,   more  conscien- 


348  UNLUCKY  MEN  IN  WALL  STREET. 

iious,  having  about  him  all  the  elements  of  popularity, 
is  thwarted,  defeated,  and  disappointed  on  every  hand. 
He  changes  too  soon  or  too  late ;  the  party  divides  just 
as  he  is  on  the  eve  of  getting  the  golden  bauble,  and 
he  ends  his  career  a  seedy,  thriftless,  disappointed  mis- 
anthrope. At  least  a  thousand  men  started  in  life  with 
a  fairer  chance  of  financial  success  than  Vanderbilt. 
They  worked  harder  than  he  ever  worked — energetic, 
enthusiastic,  devoted  and  persistent  followers  of  for- 
tune. They  have  gone  down  by  hundreds,  been  swept 
away  by  stock  and  commercial  panics,  or  walk  about 
the  streets  dilapidated  specimens  of  unlucky  men. 
From  the  moment  Vanderbilt  pushed  his  little  scow 
from  Staten  Island,  and  collected  his  first  fare  from 
the  passengers  he  was  bringing  up  to  the  city,  to  this 
hour,  everything  he  has  touched  has  prospered.  He 
ran  steamboats  till  his  name  was  a  terror  in  all  our 
waters.  He  has  always  had  the  best  of  his  enemies  in 
every  fight.  He  ran  Collins  off  from  the  ocean,  as  he 
said  he  would ;  got  his  hundred  cents  on  the  dollar 
out  of  the  Schuyler  frauds ;  was  snubbed  by  the  Presi- 
dent of  the  Hudson  River  road,  and  gave  him  his 
walking  papers ;  was  jeered  at  by  brokers  when  he 
bought  Harlem,  and  has  made  it  a  controlling  stock 
on  the  street ;  and  he  sent  disaster  and  ruin  among  the 
combination  that  tried  to  corner  Harlem.  He  is  known 
on  the  street  as  "  Old  Eighty  Millions."  Through  the 
wdiole  of  his  career  people  have  prophesied  his  down- 
fall.    It  must  come  very  soon  if  it  comes  at  all. 

Stewart's  store  is  full  of  bankrupt  merchants,  and  is 
called  the  "Hospital  for  decayed  traders."  Stewart 
hires    such  men    to  wait    on   his   customers.      They 


UNLUCKY  MEN  IN  WALL  STREET.  343 

gather  from  Boston,  Philadelphia,  Buffalo,  and  Chicago. 
These  men  began  life  with  better  chances  of  success 
than  Stewart.  Why  they  could  not  succeed  no  one 
can  tell.  Most  of  them  were  honest,  sharp,  keen,  and 
devoted  tradesmen.  They  make  first  class  assistants 
to  Stewart,  besides  bringing  their  customers  with  them. 
They  were  simply  unlucky.  There  is  hardly  an  estab- 
lishment in  New  York;  jewelry  manufactory,  furniture, 
hardware,  and  houses  representing  every  branch  of 
trade,  that  has  not  subordinates  who  have  tried  busi- 
ness for  themselves.  They  are  capital  business  men, 
and  there  seems  to  be  no  reason  why  they  should  not 
prosper.  As  many  of  them  express  it,  "the  luck  was 
against  them." 

I  know  two  brothers,  who  were  educated  in  the 
same  school,  members  of  the  same  church,  and  tem- 
perance men;  both  received  a  fine  nautical  education, 
and  both  of  them  took  to  the  sea.  One,  and  he  not 
regarded  as  the  brighter,  or  the  more  capable,  came 
into  command  of  a  ship  early.  A  disaster  at  sea,  which 
would  have  ruined  most  men,  made  him  first  mate. 
On  the  second  voyage,  his  captain  died,  and  he  reached 
the  port  to  which  he  was  sailing  in  a  lucky  time,  sold 
his  cargo,  and  secured  a  valuable  freight ;  was  caught 
in  a  gale  on  his  way  back  that  came  near  sending  him 
to  the  bottom,  but  which  only  sent  him  home  ten  days 
earlier.  His  arrival  was  lucky,  his  freight  being  in 
great  demand,  and  his  swift  voyage  gave  him  great 
favor.  lie  sailed  on  the  next  trip  as  captain  of  one 
of  the  best  ships  out  of  port.  During  the  many  years 
that  lie  was  captain  his  good  luck  attended  him.  He 
iWas  always  in  season;  caught  the  swiftest  gales;   es- 


3,50  UNLUCKY  MEN  IN  WALL  STREET. 

caped  quarantine ;  was  attended  by  general  success, 
and  retired  from  the  ocean  with  a  competency.  His 
"brother  was  a  better  sailor,  so  it  was  said, — a  high- 
toned,  conscientious  fellow,  who  meant  to  do  his  duty — 
brave,  and  respected ;  yet  ill  luck  dogged  his  footsteps 
from  the  moment  he  sailed,  till  the  end  of  his  life.  He 
held  a  subordinate  position  for  a  long  time.  If  any 
trouble  happened,  if  the  crew  mutinied,  ice-bergs 
loomed  up,  foggy  weather  prevailed  with  collisions, 
or  gales  produced  troubles,  it  was  always  in  his  watch. 
When  commander,  everything  went  against  him.  He 
lost  two  or  three  vessels.  It  was  no  fault  of  his ;  after 
each  loss  he  kept  on  shore  a  long  time,  nobody  trust- 
ing him.  Diseases  always  broke  out  on  board  of  his 
ships,  and  he  was  befogged  and  becalmed  whenever 
there  was  a  chance.  He  went  into  the  navy  in  the 
war,  and  the  same  ill  luck  attended  him  there.  He  was 
taken  prisoner  once  or  twice ;  monitors  and  gun-boats 
sunk  under  him,  or  he  was  laid  up  so  that  he  could  do 
nothing.  The  last  voyage  he  made  he  was  detained 
for  weeks  in  England  by  gales  and  storms,  for  his  ves- 
sel was  weak,  and  was  loaded  with  railroad  iron.  He 
died,  as  he  lived,  an  unlucky  man. 

I  meet  men  every  day  in  Broadway,  who,  for  a  quar- 
ter of  a  century,  have  been  battling  with  their  luck, — 
conscientious  men,  talented  men,  Sunday  school  men, 
Christian  men,  who  have  never  succeeded  in  anything 
they  undertook.  One  bought  out  a  long  established 
and  prosperous  business,  but  it  failed  on  his  hands 
within  twelve  months.  Others  tried  the  opening  trade 
of  California ;  the  season  or  the  elements  made  ship- 
wreck of  their  little  venture.     Men  go  from  dry  goods 


UNLUCKY  MEN  IN  WALL  STREET.  35  1 

into  the  street ;  from  the  street  to  trade;  from  trade 
to  manufacturing ;  then  to  oil  and  stock  companies, 
breaking  everywhere;  and  when  nothing  else  will  do, 
the  elements  conspire  and  burn  up  their  success.  Oth- 
ers will  track  them  on  their  rounds,  and  reap  a  golden 
harvest  from  every  point.  The  old  financiers  of  New 
York  had  an  explanation  for  this  phenomenon  of  good 
luck  and  bad  luck,  which  has  brooded  over  the  street 
since  it  was  first  laid  out,  when  "  Dongan  was  Gouarnor 
Generall  of  his  Majesties'  Coll.  of  NewYorke."  These 
old  men  believed  in  the  power  and  existence  of  the 
Devil  as  god  of  this  world  and  the  author  of  all  mis- 
chief. They  believed  that  when  Satan  wished  to 
bother  a  man  financially  he  had  power  so  to  do,  and 
quoted  the  history  of  Job  as  a  proof.  Modern  specu- 
lators scout  the  active  agency  of  the  Devil,  but  their 
philosophy  is  at  fault,  as  the  effect  remains,  without 
an  adequate  cause  being  discovered. 


XXXI. 
HUMORS  OF  BANKING. 

Too  little  Ink. — Initials. — The  Short  Man  of  the  Bible. — Certify- 
ing a  Check.— Heavy  Check. 

TOO    LITTLE    INK. 

A  gentleman  celebrated  for  writing  a  very  heavy 
hand,  who  signs  his  name  in  the  John  Hancock  style, 
gave  a  friend  a  check  payable  to  his  own  order.  His 
own  pen  not  being  at  hand,  he  used  the  delicate  gold 
pencil  apparatus  of  his  friend.  The  signature  and  en- 
dorsement were  very  delicate,  but  he  thought  nothing 
of  that.  Shortly  after  his  friend  returned,  stating  that 
the  paying  teller  declined  to  pay  the  check.  "  And 
what  reason  did  he  give,"  asked  the  astonished  mer- 
chant, whose  balance  at  the  bank  was  very  large. 
"  He  said  it  was  not  your  writing ;  that  there  was  too 
little  ink."  This  illustrates  the  aptness  of  paying  tel- 
lers in  detecting  altered  or  forged  checks.  It  is  not  the 
check  itself,  or  the  signature,  or  the  amount,  that 
attracts  attention,  but  they  take  in  the  whole  thing. 
They  cannot  analyze  their  own  judgment.  The  check 
is  too  nice,  too  smooth,  too  rough,  too  bold,  or  too 
faint.  There  is  not  a  day  that  paying  tellers  in  the 
leading  banks,  in  the  rush  of  business,  do  not  go  to 
the  cashier  with  a  check,  of  which  they  have  some 
doubt.     The  usual  answer  is,  "  That  is  all  right,  pay  it." 

(352) 


INITIALS.— CERTIFYING  A   CHECK.  353 

I  paying  tellers  generally  say,  under  such  cir- 
cumstances, to  the  cashier,  "Won't  you  put  your  ini- 
tial- on  this  check?"  In  such  cases  the  banks  usually 
suffer. 

INITIALS. 

A  gentleman  who  was  always  accustomed  to  sign  his 
full  name,  which  was  quite  a  long  one,  presented  a 
check  in  person,  made  payable  to  his  order, — as  his  ini- 
-  only  were  used,  he  endorsed  the  check  in  the 
same  manner,  and  handed  it  to  the  paying  teller.  The 
teller  looked  at  it  and  said,  "  Won't  you  endorse  it  ?" 
'•I  have,"  was  the  reply."  "  These  are  not  your  ini- 
tials," said  the  official.  It  never  occurred  to  the  teller 
what  the  initials  of  the  gentleman  were.  It  was 
enough  for  him  that  the  check  did  not  present  the 
usual  appearance. 

THE  SHORT  MAX  OF  THE  BIBLE. 

Said  one  clerk  to  another — "  Who  is  the  shortest 
man  mentioned  in  the  Bible  "  The  old  Joe  Millers 
were  all  exhausted.  Nehemiah  (knee-high-miah)  :  Bil- 
dad,  the  Shuhighe  (shoe-high).  To  all  answers  the 
clerk  replied  ;*Xo."  "We  give  it  up,"  was  the  res- 
ponse. ;%  Peter,"  was  the  reply.  "  Peter,"  they  all 
cried;  "he  was  a  stout,  large,  athletic  man."  ''Can't 
help  it.  He  was  the  shortest  man  I  read  of  in  the 
Bible.  He  said  he  had  neither  'silver  nor  gold,'  and 
a  man  is  pretty  short  who  hasn't  any  money." 

CERTIFYING    A    CHECK. 

Quite   an  eminent  merchant  of  this   city  received 
a  bank    check  signed   by   the    cashier,   for    S3 5, 000. 
23 


354  HEAVY  CHECK. 

Shortly  after  he  returned  and  asked  the  paying  teller 
to  certify  the  check.  He  said  he  could  not  do  anything 
with  it  unless  it  was  certified.  The  teller  demurred,  and 
an  appeal  was  made  to  the  cashier.  This  officer  qui- 
etly remarked,  "You  have  the  guarantee  of  the  presi- 
dent and  directors  of  the  bank  now.  If  you  think  that 
the  endorsement  of  the  paying  teller  will  add  anything 
to  the  security  of  the  bank,  you  are  welcome  to  it,"  It 
was  a  long  time  before  the  merchant  could  see  it.  It 
broke  slowly  into  his  mind  that  what  he  was  asking 
was  very  much  like  a  man's  certifying  his  own  check. 
He  withdrew  slowly,  but  his  exit  was  greeted  by 
shouts  of  laughter  from  the  witty  clerks  of  the  de- 
partment, 

HEAVY   CHECK. 

One  of  the  Life  Insurance  Companies  has  the  repu- 
tation of  being  exceedingly  careful  in  its  money  mat- 
ters. This  is  seen  in  its  method  of  drawing  checks. 
One  day  the  President  came  out  of  his  office  and  re- 
quested the  Secretary  to  have  a  check  drawn;  he 
passed  the  word  on  to  the  officer  before  him ;  he  to 
another ;  till  the  word  reached  the  fifth  official,  who 
kept  the  check-book.  The  check  passed  back  through 
the  same  channel,  each  party  writing  something  on  the 
check.  The  Vice  President  put  on  the  final  endorse- 
ment. A  well-known  correspondent  by  the  side  of 
the  President,  said,  uMr.  President,  that  must  be  a  very 
heavy  check.'*  "Not  very;  but  why  do  you  think 
so  ?"     "  It  took  five  men  to  draw  it,"  was  the  reply." 


PARK  BANK. 


XXXII. 
CURIOUS  BANK  HISTORY. 

Old  TTrE  and  Nbw. — TnE  Oldest  Bank.— The  Eight  Original  Banks. — 
Barker. —  Curtis.  —  Lorillard. —  Wolcot.  —  Gallatins.  —  Perit. — 
Tileston.  —  Roosevelt.  — Jenkins.  —  Stillman. — Banking  House  of 
the  Olden  Time. 

The  history  of  banking  in  New  York  is  the  history 
of  Wall  Street  from  its  start.  Its  magnitude  has  in- 
creased with  the  growth  of  the  city.  All  tlmt  is 
elegant,  all  that  is  refined,  all  that  is  prosperous  in 
New  York,  finds  its  representations  in  the  Banks. 
The  elegant  banking  rooms  of  the  present  hour — the 
costly  bank  buildings,  more  magnificent  than  the 
palaces  of  kings  in  the  Old  World,  the  rush  of  business, 
the  army  of  clerks,  the  huge  deposits,  the  passing  of 
millions  on  checks,  all  contrast  strongly  with  the  humble 
business  of  the  earlier  banking  days  in  Wall  Street, 
For  a  long  time  there  was  but  one  Bank — the  Bank 
of  New  York — and  that  was  thought  to  be  one  too 
many.  Then  came  The  Merchant's  Union,  The  Man- 
hattan, Bank  of  America,  City  Bank,  Phoenix  and 
MeGhanies'  Bank,  founded  in  1810 — eight  in  all,  and 
all  the  city  would  ever  "require.  A  clerk  walks  down 
the  street,  with  half  a  million  of  gold  checks,  in  his 
pocket,  and  contrasts  wonderfully  witli  the  time  when 
an  ox-cart  would  have  been  needed  to  do  that  service. 

I  355) 


356  CURIOUS  BANK  HISTORY. 

The  Metropolitan  Bank  has  1,500  depositors.  To  ac- 
commodate this  class,  the  bank  employees  are  made 
up  of  numerous  porters,  messengers,  check  clerks, 
specie  clerks,  paying  tellers,  tellers  of  note  and  deposit, 
book  keepers,  cashier,  and  President.  Men  grow  old 
in  the  service  of  the  banks.  Few  subordinates  ever 
rise ;  their  bread  is  given  to  them,  their  water  sure — 
that  is  all.  It  is  a  common  thing  in  a  New  York  bank 
for  porters,  messengers,  and  clerks  to  count  up  a  ser- 
vice of  half  a  century. 

The  Mechanics  Exchange  Bank  was  the  private  bank 
of  Jacob  Barker.  He  issued  his  own  notes,  which  were 
current  on  the  street.  Like  most  energetic,  dashing, 
bold  operators,  he  failed  at  the  last,  Careful,  cautious 
men— men  who  move  slowly — who  have  not  much 
faith  in  any  body  or  any  thing,  are  the  safe  moneyed 
men  of  New  York. 

The  Continental  Bank  attained  its  high  position 
through  the  ability  and  character  of  George  Curtis.  He 
was  the  soul  of  honor;  sensitive,  high-minded  and  scru- 
pulous above  most  men.  In  his  time,  it  was  common  to 
make  presents  to  bank  officers.  Business  men  who 
sought  accommodation,  obtained,  or  thought  they  ob- 
tained favors,  by  acts  of  liberality.  Umbrellas,  gold 
headed  canes,  suits  of  clothes,  cases  of  wine,  groceries, 
services  of  silver  and  even  coaches,  were  presented  to 
bank  presidents  and  bank  officers.  Mr.  Curtis  for- 
bade any  employee  in  the  bank  receiving  a  present, 
and  emphasized  the  order  by  returning  every  gift  made 
to  him.     He  broke  up  the  custom. 

Jacob  Lorillard,  made  the  fame  of  the  Mechanics' 
Bank.     This  Bank   was  founded  in  1S10.     John  Sli- 


S   BANK  HISTORY. 

dell's  father  was  the  first  president.  He  began  life 
humble    enough.       When    he    took    his    position    as 

sident  of  the  bank,  he  was  a  soap  and  tallow 
chandler  on  Elizabeth  street,     Jacob   Lorillard  was 

type  of  an  old  New  York  merchant,  prompt,  energetic, 
industrious,  reliable.  The  Bank  was  demoralized,  and 
in  a  sin"  ndition  when  he  took  hold  of  it. 

[   of  revolutionary  fame  was  the  first 
.it  of  the  Bank  of  America.     He  founded  and 

s  the  first  president  of  the  Merchants'  Bank.  The 
Manhattan  Bank  was  chartered  as  tile  "Manhattan 
Company." 

The  Gallatin  National  Bank  has  been  made  famous 
by  the  celebrated  name  of  Gallatin.  One  president 
was  made  executor  of  the  Astor  Estate.  The  father 
of  the  family.  Albert,  one  of  the  most  celebrated 
financial  men  of  New  York,  was  long  connected  with 
this  institution.  On  Friday  was  the  grand  rush  for  ex- 
changing  gold.  Porters  and  messengers  were  seen 
running  in  every  direction,  loaded  down  with  precious 
coin.  Besides  the  labor,  expense,  and  peril  of  this 
movement,  heavy  loss  was  suffered  by  the  embrasure 
of  gold.  Mr.  Gallatin  suggested  the  idea  of  the  Clear- 
ing house,  and  it  will  always  stand  as  a  monument  of 
his  sag         '  and  executive  ability. 

The  Seamans'  Saving  Bank  owes  its  fame  and  high 
standing  to  Pelatiah  Perit.  Mr.  Perit  was  one  of  the 
cautious,  quiet,  careful  men  of  the  age,  with  a  great 
deal  of  executive  force,  and  was  one  of  the  most  hon- 
ored merchant-  of  New  York.  He  was  president  of  the 
Chamber  of  Commerce,  and  identified  with  the  relig- 
ious and  philanthropic  mo\  ements  of  the  day.    He  was 


358  CURIO  US  BANK  HI  ST  OR  Y. 

president  of  some  of  the  largest  associations.  His 
partner  was  a  Salem  boy,  and  the  firm  enjoyed  unin- 
terrupted prosperity  for  nearly  half  a  century. 

Thomas  Tileston  was  President  of  the  Phoenix  Bank. 
The  House  of  which  he  was  a  member,  Spofford  & 
Tileston,  was  known  and  respected  in  every  quarter  of 
the  globe.  He  adopted  a  rule  for  making  money, 
which  has  always  proved  successful  when  it  has  been 
tried,  and  yet  which  is  adopted  by  very  few  persons. 
His  rule  was,  to  be  content  with  small  gains,  and  to 
be  satisfied  with  a  moderate  increase.  He  was  led  to 
adopt  this  principle  when  he  was  a  poor  boy,  battling 
with  life.  He  had  two  or  three  companions,  who 
boarded  with  him.  One  of  these  drew  a  prize  in  a  lot- 
tery. He  became  rich  in  an  hour,  with  what  seemed 
to  be  untold  wealth.  It  ruined  him  for  business.  He 
gave  himself  up  to  pleasure  and  dissipation,  spent  his 
fortune  in  a  short  time  and  killed  himself.  Tileston 
shrunk  from  the  yawning  gulf  which  seemed  to  be 
opening  at  his  feet.  He  resolved  to  secure  business, 
and  make  an  honest  name;  with  these,  he  secured 
wealth. 

The  Bank  of  New  York  has  the  high  honor  of  being 
the  oldest  bank  in  the  city,  and  for  many  years  the 
only  one.  The  name  of  Roosevelt,  so  honored  in  the 
city,  is  connected  with  this  bank.  Isaac  Roosevelt 
was  its  first  President.  The  business  of  the  bank  was 
not  sufficient  to  employ  the  powers  of  this  energetic 
old  man.  He  carried  on  his  business  in  his  sugar 
house,  and  gave  it  his  personal  attention.  He  oscil- 
lated between  his  sugar  manufactory  and  the  financial 
institution   of  which   he    was  the  head.      Alexander 


CURIOUS  DANK  UISTORY.  359 

Hamilton  was  one  of  the  first  directors  of  the  bank, 
and  law  officer.  His  house  and  oflice  were  near.  Ju- 
lian Verplank  bought  Hamilton's  Wall  street  house 
and  occupied  it  for  many  years. 

The  East  River  Bank  is  an  institution  of  the  olden 
time.  Like  the  Chemical  Bank  its  stockholders  are 
few.  The  President,  Mr.  Jenkins,  is  one  of  the  largest 
owners.  He  was  a  mechanic  and  poor,  and  worked  his 
way  up  to  his  present  position.  The  economy  and  close- 
ness which  marked  his  early  life,  adhere  to  him  still. 
He  watches  his  clerks  in  all  their  movements,  peers 
over  their  shoulders,  knows  what  is  going  on,  keeps  a 
sharp  watch  on  depositors,  and  on  paper  left  for  dis- 
count, is  a  safe,  careful,  vigilant  officer,  but  not  cele- 
brated for  generous  acts.  • 

The  Metropolitan  Savings  Bank  was  made  famous 
when  Mr.  Stillman  was  president.  lie  founded  the 
Novelty  Works,  and  his  integrity  and  skill  as  a  me- 
chanic made  his  works  celebrated  everywhere.  J.  T. 
Smith,  president,  has  worked  his  way  up  from  hum- 
bler positions.  He  began  his  career  as  supercargo  to 
China,  He  set  up  a  store,  and  dealing  in  shoes  be- 
came his  specialty.  The  English  could  not  compete 
with  him,  and  they  marveled  how  he  could  sell  shoes 
at  so  cheap  a  rate.  He  informed  them  that  his  shoes 
came  from  Lynn;  that  the  Lynn  shoe-makers  made 
their  articles  in  a  peculiar  way.  Around  the  room 
workmen  were  placed.  The  leather  was  put  in  on  one 
side  of  the  room.  One  workman  made  the  sole,  and 
threw  it  to  the  next.  He  added  something;  then 
threw  it  to  the  next,  and  when  it  reached  the  door  on 
the  other  side,    the  boot  or  shoe  was  complete,  and 


300  CURIO  US  BANK  II IS TOR  Y. 

boots  and  shoes  were  made  as  fast  as  one  workman 
could  throw  the  material  to  another.  The  Englishmen 
in  China  thought  that  America  must  be  a  great  country. 
Long  Island  Bank  :  this  Institution,  one  of  the  oldest 
out  of  the  city  of  New  York,  has  a  chamber  of  marked 
interest.  It  is  fitted  up  in  the  style  of  the  early  banking 
rooms  of  New  York.  It  contains  the  old  furniture,  with 
which  the  solid  men  of  the  city  were  content  half  a  cen- 
tury ago.  Here  are  the  chairs  on  which  they  sat,  and 
the  tables  on  which  they  worked,  when  eighteen  hours  a 
day  were  a  common  allotment  for  a  day's  work;  when 
the  president  and  cashier  were  porters,  messengers, 
paying  tellers,  book  keepers  and  clerks ;  when  they 
ran  of  errands,  lugged  gold  from  office  to  office,  took 
down  the  shutters,  swept  out  the  bank,  took  their 
breakfasts,  and  were  ready  for  business  at  7  o'clock ; 
when  with  their  own  hands  they  closed  the  bank  as 
they  opened  it,  and  deposited  the  keys  under  their 
own  pillows  at  night.     This  room  is  a  curiosity. 


XXXIII. 
BANK  PRESIDENTS. 

The  Banks  in*  the  Street. — Old  Fogies  and  Progressives.  —  Banks 
OF  Honor  and  Dishonor. — Bank  Association. — Keen  Financiering. 
—Morrison,  Manhattan  Bank— Stout,  Shoe  and  Leather.  — Jones, 
Chemical.  —  Taylor,  City.  —  Williams,  Metropolitan.  —  Palmer, 
Broadway. — Leverich,  New  York.  —  Stevens,  Commerce.  —  Coe, 
American. — Kitchen,  Park. — Knapp,  Mechanics'. — Benedict,  Gold. 
—  Sol'thworth,  Atlantic. — Dickinson,  Tenth  National. — SproulEj 
Merchants'  Exchange. 

The  banks  of  New  York  are  intimately  associated 
with  TV  all  street.  The  business  of  the  street  is  done 
through  the  banks.  Gold  and  greenbacks  are  seldom 
touched,  and  sales  are  transacted  by  certified  checks. 
The  banking  system  of  New  York  is  peculiar.  Coun- 
try banks  make  their  money,  not  only  on  deposits,  but 
on  exchange  and  collections.  New  York  banks  make 
their  money  simply  on  deposits.  There  is  no  esprit  de 
corps  among  bank  presidents.  Each  is  for  himself  and 
for  his  bank.  There  are  three  classes  of  bank  presi- 
dents. One  class  is  known  as  the  rut  presidents — old 
fogies,  doing  the  same  business,  in  the  same  style,  and 
running  in  the  same  ruts  from  year  to  year.  They  op- 
pose every  innovation,  and  resist  every  change  and 
improvement,  and  arc  safe  men,  exact,  and  to  be 
trusted  ;  careful  of  what  they  have,  and  fearful  of  new 
experiments.     Another  class  are  trained  bank  oresi- 

(361) 


3*62  BANK  PRESIDENTS. 

dents.  They  come  up  through  a  regular  gradation, 
as  men  in  the  army.  From  messengers  they  become 
clerks,  book-keepers,  paying  tellers,  cashiers,  and  then 
presidents.  They  know  nothing  but  the  bank.  They 
have  no  business  tact,  nor  business  knowledge.  The 
world  is  hidden  from  them  as  much  as  the  interior  of 
Africa, — they  know  the  way  to  the  bank  and  back ; 
the  tread-mill  round  is  trodden  daily.  They  have  su- 
perior intelligence  about  banking  paper,  discounts, 
and  all  that  pertains  to  the  routine  of  banking  life — 
nothing  more.  Another  class  of  bank  presidents  come 
into  their  position  from  mercantile  and  business  life, 
and  are  sharp,  shrewd,  daring,  successful.  It  is  a  posi- 
tion of  high  honor  to  be  a  bank  president  in  New 
York.  It  is  the  highest  seat  among  financial  men.  It 
is  a  proof  of  wealth,  tried  integrity,  and  some  ability. 
Men  are  willing,  often,  on  the  street,  to  risk  their 
money  with  rash  and  unscrupulous  operators,  but 
money  to  be  deposited  and  money  to  be  invested,  must 
be  in  careful  hands.  A  bank  seldom  changes  its  pres- 
ident. If  a  man  is  competent  and  honest,  his  position 
as  bank  president  is  for  life,  or  at  his  pleasure. 

Most  of  the  New  York  banks  are  conducted  on 
principles  of  honor.  There  are  charlatans  in  the 
pulpit,  quacks  in  medicine,  pettifoggers  at  the  bar, 
sharpers  in  dry  goods,  and  mock  auctioneers.  Some 
bank  presidents  have  proved  themselves  heavy  specu- 
lators, using  their  own  and  other  people's  money  on 
the  street,  and  have  become  the  tools  of  unscrupulous 
operators.  Some  have  lost  their  positions  because, 
when  speculations  were  profitable  they  pocketed  the 
profits,   and  when  they  were  disastrous,  the  disasters 


BANK  PRESIDEN1  - 

were  charged  to  the  bank.  Some  have  aided  conspir- 
ators to  tighten  the  market,  lock  up  greenbacks  and 

gold,  ami  create  a  panic.  From  the  money  side  of  the 
question,  it  is  a  poor  business,  and  pays  badly.  A 
banker  who  loses  his  reputation,  may  dash  along  for  a 
time  with  the  recklessness  of  a  gambler,  or  the  des- 
peration of  a  sharper;  but  he  is  certain  to  go  under 
in  due  time,  and  can  never  recover.  There  are  par- 
ties in  New  York  who  have  been  at  the  head  of  banking 
institutions  which  they  have  bought — bought  for  the 
purpose  of  defrauding  the  public.  They  have  flooded 
the  country  with  bills — bought  real  estate  right  and 
left — builded  houses,  and  paid  mechanics  and  work- 
men with  the  worthless  trash,  and  then  the  institution 
slunk  out  of  sight.  Some  applauded  the  operators  for 
their  shrewdness.  It  is  said  they  made  a  great  deal 
of  money.  They  are  now  without  reputation,  without 
honor,  and  their  names  are  a  reproach  to  all  honest 
men.  A  wealthy  gentleman  became  a  bank  president. 
He  stood  high  in  the  community  and  in  the  church, 
and  was  one  of  the  most  trusted  men  in  the  city.  Pol- 
iticians got  hold  of  him.  They  secured  his  assistance 
in  a  political  canvas,  with  the  promise  that  he  should 
hold  a  high  financial  position,  and  sway  the  finances 
of  the  nation,  when  the  party  was  successful.  The 
proposal  was  too  dazzling  to  be  resisted;  he  became 
infatuated — the  funds  of  the  bank  were  used  for  polit- 
ical purposes,  and  the  notes  of  politicians  taken  as 
collaterals.  The  bank  failed;  the  personal  property 
of  the  president  and  many  of  his  friends  was  swept 
away — he  broke  under  the  blow,  and  was  carried  to 
his  grave. 


364  BANK  OFFICERS'  ASSOCIATION. 


BANK    OFFICERS     ASSOCIATION. 

The  biography  of  the  bank  presidents  of  New  York 
is  the  history  of  men  who  began  life  penniless  ;  who  by 
industry,  tact,  and  integrity,  have  won  a  fortune  and  a 
position.     There  is  scarcely  a  man  at  the  head  of  any 
of  the  large  moneyed  institutions  of  New  York,  who 
has  not  fought  his  way  up  through  poverty  by  many 
struggles.      There  are  two  associations  by  which  the 
banking  interests  are  regulated  in  New  York.     The 
one  is  the  association  of  banks  in  the  clearing  house. 
This  association  is  simply  for  the  purpose  of  exchang- 
ing checks,  and  settling  daily  the  accounts  of  each 
bank  with  the  other.     How  this  is  done,  I  have  de- 
scribed in  the  paper  on  the   Clearing  House.      The 
Association  of  Bank  Officers  is  another  affair.     It  is 
the  government  of  the  banks.     All  bank  presidents 
must  belong  to  it,  and  the  voice  of  the  majority  must 
be  obeyed.     Any  party  resisting  would  be  at  once 
expelled,   and  the  ostracism  would  be   death  to  the 
institution  the  officer  represents.     The  power  of  this 
association  will  be  seen  in  one  or  two  instances.     Dur- 
ing the  dark  and  terrible  days  of  the  war,  when  the 
country  was  on  the  verge  of  bankruptcy,  when  mer- 
chants were  failing  in  every  direction,  and  money  was 
scarce,  and  could  not  be  obtained,  a  meeting  of  the 
bank  officers  was  called.     To  relieve  the  country,  it 
was  voted  to  increase  the  discounts  half  a  million — this 
was  to  ease  the  market.     At  the  next  meeting  it  was 
found,  that  instead  of  increasing  the  circulation  half  a 
million,  it  had  actually  been  contracted.     Each  bank 
disposed  to  take  care  of  itself,  had  reduced  its  circular 


KEEN  FINANCIERING. 

tion,  and  locked  up  all  the  gold   it  could  secure.     It 

was  then  voted  to  increase  the  circulation  a  million; 
yet  the  market  was  not  relieved  ;  the  same  state  of 
things  was  found  to  exist,  and  the  circulation  was  di- 
minished, and  not  increased.  It  was  then  voted  to 
equalize  the  gold  ;  that  no  one  bank  in  the  Association 
should  have  more  gold  than  another.  Some  banks 
had  a  great  stock,  and  they  resisted  the  proposition 
stoutly,  but  it  was  carried.  Immediately,  the  pressure 
was  lifted,  for  no  one  bank  had  any  advantage  over 
another. 

Just  at  that  time  Mr.  Chase  came  into  the  market 
to  borrow  for  the  government  fifty  millions.  The 
amount  was  subsequently  run  up  to  one  hundred  and 
fifty  millions.  Had  the  banks  been  separate,  or  the 
law  of  the  majority  not  binding,  to  comply  with  the 
request  would  have  been  an  impossibility.  The 
Association,  after  hearing  Mr.  Chase,  voted  to  loan 
the  government  what  was  necessary  to  carry  it  on. 
It  bound  every  bank,  and  by  so  doing,  not  only  saved  „ 
the  government  from  ruin,  but  rescued  the  banks  from 
impending  calamity. 

KEEN    FINANCIERING. 

In  one  of  the  darkest  commercial  crises  that  has 
ever  swept  over  the  country,  before  the  national  cur- 
rency was  adopted,  the  city  banks  were  loaded  down 
with  the  bills  of  country  banks.  These  bills  the  banks 
could  not  redeem.  To  force  them  to  do  so  would 
have  been  to  spread  universal  ruin  throughout  the 
land.  Mr.  Williams,  president  of  the  Metropolitan 
Bank,  of  whom  I  shall  speak  in  another  part  of  this 


3  G  6  KEEN  FINANCIERING. 

chapter,  proposed  a  plan  for  the  relief  of  the  country 
banks,  which  would  at  the  same  time  be  beneficial  to 
the  banks  of  New  York.     He  proposed  to  collect  the 
bills  of  the  country  banks,  seal  them  up,   carry  them 
for  the  banks  at  the  rate  of  six  per  cent.,  and  then  issue 
certificates,  which  should  pass  as  money  at  the  clearing 
house.     By  this  means  the  banks  in  the  country  were 
saved  from    failure,   and  the  payment  of  their  bills 
would  be  guaranteed  by  the  banks  of  the  city.     The 
Bank  Association  by  issuing  the  certificates,  guaranteed 
the  payment  of  the  bills,   and  backed  the  guarantee 
by  its  whole  capital  of  seventy  millions.     These  certi- 
ficates were  better  than  gold,  for  gold  paid  no  interest, 
and  unless  every  bank  failed,  they  must  be  redeemed. 
They  were  received  at   the  clearing  house  as  gold. 
This  plan,  which  saved  the  country  banks  from  failing, 
and  was  ultimately  of  great  benefit  to  the  city  banks, 
was  violently  opposed  by  the  old  fogies  in  the   asso- 
ciation.    It  was  finally  carried  by  a  small  majority. 
Many  of  the  bank  presidents  would  not  touch  the  cer- 
tificates.   They  regarded  the  plan  as  an  outrage.    They 
denounced  the  certificates  as  rag  capital,   and  would 
have  nothing  to  do  with  the  investment,     One  bank 
president  thought  otherwise.    He  is  a  sharp,  energetic, 
wide-awake  banker,  and  has  turned  into  gold,  through 
all  his  life,  every  thing  he  has  touched.     He  looked 
at  the   certificates  from  a  practical  stand-point,     The 
country  banks  had  practically  failed,  but  the  redemp- 
tion of  their  bills  was  guaranteed  by  all  the  banks  of 
New  York,  and  secured  by  the  united  capital  of  sev- 
enty millions.     The  gold  lying  in  the  vaults  of  the 
bank  brought  no  interest,  but  these  collaterals,  besides 


MR  MORRISON,  OF  THE  MANHATTAN  BANK.        367 

being  perfectly  safe,  yielded  an  interest  of  six  per 
lie  decided  to  take  all  the  certificates  he  could 
get.  ■  lie  went  quietly  to  work  and  collected  all  he 
could  lav  his  hands  on.  Of  the  issue  of  five  millions, 
he  secured  four.  The  old  fogy  presidents  began  to 
wake  up  to  the  fact  that  the  securities  were  rather 
desirable.  To  their  astonishment  they  found  that  one 
bank  had  secured  nearly  the  whole  issue,  and  that  the 
entire  association  were  guaranteeing  the  assets  of  one 
of  their  number.  The  subject  was  brought  before  the 
association,  and  after  a  fierce  debate  it  was  decided  by 
a  majority  vote  that  the  certificates  must  be  equalized, 
and  every  bank  have  its  share.  The  keen  president 
had  to  disgorge,  or  go  out  of  the  association. 

The  most  costly  buildings  in  New  York  belong  to 
the  banking  association.  Rooms  are  fitted  up  for 
banking  purposes  in  gorgeous  style,  'and  ornamented 
with  gold  and  paintings.  These  rooms  keep  pace 
with  the  elegance  of  the  offices  of  stock  dealers  and 
modern  brokers. 

MR.  MORRISON,  OF  THE  MANHATTAN  BANK. 

Mr.  Morrison  is  a  Scotchman.  He  began  life  a  poor 
boy,  and  worked  his  way  up  through  all  the  grades  in 
the  bank  to  his  present  high  position.  He  is  a  type 
of  the  discreet,  prudent,  hard-working  class  of  men 
of  the  olden  time,  who  take  no  sudden  leaps,  and  make 
no  startling  bounds,  but  went  up  from  rank  to  rank 
by  his  own  merit  'and  hard  work.  The  Manhattan 
Bank  is  a  very  old  bank,"and  is  working  under  its  old 
charter,  and  is  one  of  the  few  state  banks  that  have 
not  been  merged  in  the  National.     It  owes  its  vain- 


3G8  MR.  STOUT,  OF  THE  SHOE  AXD  LEATHER  BANK. 

able  charter  to  the  sharpness,  to  say  nothing  more,  of 
Aaron  Burr.  The  legislature  were  enemies  to  the 
banking  system,  and  he  had  no  hope  of  a  charter  if 
the  institution  was  represented  as  a  moneyed  institu- 
tion. Burr  adroitly  presented  a  charter  for  the  intro- 
duction of  water  into  the  city  of  New  York.  It  was 
an  unforfeitable  charter,  and  conveyed  large  and  val- 
uable privileges.  To  carry  out  the  purposes  of  the 
corporation,  a  clause  was  inserted  that  scrip  might  be 
issued  by  the  company.  That  little  clause  created  a 
mammoth  bank,  with  extraordinary  privileges,  which 
continues  to  this  day.  The  bank  maintains  a  reservoir 
near  Canal  street,  with  miniature  water  works,  to 
answer  the  purposes  of  its  charter. 

MR.  STOUT,  OF  THE  SHOE  AND  LEATHER  BANK. 

For  eighteen  years  Mr.  Stout  has  been  at  the  head 
of  the  Shoe  and  Leather  Bank,  which  he  originated. 
At  the  age  of  twelve  he  was  thrown  on  his  own  sup- 
port, besides  having  the  care  of  relatives.  At  four- 
teen he  became  a  teacher  in  a  public  school,  though 
he  was  supposed  to  be  at  least  four  years  older.  He 
started  out  in  life  with  a  fixed  purpose,  to  not  only 
get  a  living,  but  a  fortune.  Self-reliant,  enthusiastic, 
and  ambitious,  he  seized  every  opening,  and  mastered 
everything  he  undertook.  He  was  one  of  the  founders 
of  the  Shoe  and  Leather  Bank,  of  which  he  soon  be- 
came the  head.  This  bank  was  started  by  dealers  in 
shoes  and  leather,  as  a  bank  of  their  own ;  but  like 
every  bank  in  New  York  that  has  had  a  specialty,  it 
has  lost  it  in  the  lapse  of  time.  There  is  not  a  shoe  or 
leather  man  on  the  board  of  directors,  and  but  one 
depositor  in  the  bank,  following  that  business. 


BUSINESS  PRINCIPLE. 

counsel.  Ho  dashed  in  and  out  of  New  York,  and  was 
known  on  the  road  as  the  "flying  man."  His  business 
repute  was  high.  He  met  every  contract  that  lie  made, 
and  took  up  all  his  paper  as  it  matured,  and  said  nothing, 
and  everybody  believed  he  was  rich.  His  moral  and 
social  characteristics  added  to  his  business  repute.  He 
was  a  decided  and  earnest  Christian.  In  the  prosperity 
of  the  little  Methodist  Church  near  him  he  took  great 
interest.  He  was  not  afraid  to  turn  his  hand  to  any- 
thing that  was  needed  to  promote  itsw7elfare.  He  took 
care  of  its  finances,  and  they  prospered.  No  debt  was 
allowed  to  accrue,  nobody  was  behindhand  in  pay- 
ments. At  times  Mr.  Stout  was  sexton,  pew-opener, 
trustee,  collector,  class-leader,  leader  of  the  choir,  and 
preacher.  His  note  was  good  anywhere.  It  was  not 
necessary  for  him  to  pay  a  dollar  of  money  on  the 
houses  that  he  built.  He  gave  his  notes  on  the  con- 
tracts, and  paid  them  at  maturity.  One  day  he  was 
induced  to  indorse  a  note  for  five  thousand  dollars  to 
get  money  from  the  bank.  The  indorsement  was  given 
with  reluctance,  and  with  the  understanding  that  it 
should  not  be  repeated.  To  save  that  five  thousand 
dollars,  indorsements  grew  till  they  reached  twenty- 
three  thousand  dollars.  The  builder,  whose  notes  he 
indorsed,  announced  to  Mr.  Stout  one  morning  that  he 
had  failed,  and  had  made  no  provision  for  the  paper, 
and  that  the.  bank  would  look  to  him  for  payment. 

BUSINESS    PRINCIPLE. 

Several   methods   of  relief  were  open  to  Mr.  Stout 
He  was  worth  seventeen  thousand  dollars,  which  he  had 
earned  by  nights  of  toil,  by  economy,  and  by  daily  and 
24 


370  B  USINESS  PRINCIPLE. 

earnest  attention  to  business.  To  pay  the  notes  would 
not  only  sweep  away  every  penny  that  he  had,  but 
leave  him  six  thousand  dollars  in  debt.  He  had  never 
realized  one  cent  from  the  money,  and  his  name  was 
used  simply  to  accommodate  the  builder.  Besides,  he 
was  not  of  age,  though  nobody  suspected  that  fact,  and 
he  could  repudiate  his  debts  as  an  infant.  He  took  no 
counsel,  made  no  statement  of  his  affairs  to  any  one, 
shut  himself  up  in  his  own  room  and  considered 
thoughtfully  what  he  should  do,  and  then  followed  out 
the  decision  that  he  had  reached.  Having  become 
bankrupt  in  money,  he  concluded  he  would  not  be  in 
character.  He  had  earned  seventeen  thousand  dollars, 
and  he  could  earn  seventeen  thousand  dollars  more. 
He  did  confide  in  one  friend.  He  went  to  a  relative 
and  asked  him  to  loan  him  six  thousand  dollars,  the 
sum  necessary  to  take  up  all  the  notes.  The  relative 
was  astonished  at  the  request,  and  insisted  upon  know- 
ing the  facts  in  the  case.  Mr.  Stout  made  a  full  and 
frank  statement.  It  was  met  with  the  remark,  "  Well, 
Andrew,  I  thought  you  would  be  a  rich  man ;  but  if 
this  is  the  way  you  do  business,  you  will  never  be 
worth  anything."  But  Mr.  Stout  did  not  want  preach- 
ing, he  wanted  money ;  and  as  the  relative  seemed  to 
hesitate  about  loaning  the  money,  as  no  security  was 
offered,  Mr.  Stout  curtly  told  him  he  could  do  as  he 
pleased  about  it ;  he  could  get  the  money  somewhere, 
and  pay  the  notes.  The  money  was  promised,  and  he 
went  on  his  way. 

The  bank  watched  the  young  financier  with  a  great 
deal  of  interest.  The  whole  matter  had  been  discussed 
often  in  the  bank,  and  the  wonder  was,  how  young 


fi  I  'SINES  3  PRINCIPLE.  371 

Stout  would  meet  tlio  blow.  It  was  supposed  that  he 
would  ask  for  an  extension ;  and  it  was  agreed  to  give 
it  to  him,  and  to  make  the  time  of  payment  convenient 
to  his  ability.  Had  he  proposed  to  compromise  the 
matter  by  paying  one  half,  the  bank  would  have 
accepted  it.  That  would  have  left  him  a  capital  of 
nearly  eight  thousand  dollars  for  a  fresh  start.  Had 
he  offered  his  seventeen  thousand  dollars,  on  condition 
that  he  was  released  from  all  liability,  the  notes  would 
have  been  cancelled  with  alacrity.  He  did  neither. 
He  proposed  no  compromise,  asked  no  extension,  and 
attempted  to  negotiate  no  settlement.  When  the  first 
note  became  due,  he  paid  it  He  did  the  same  with  the 
second  and  third.  After  the  third  payment,  he  was 
called  into  the  office  of  the  president.  Eeference  was 
made  to  the  notes,  and  to  the  fact  that  he  had  obtained 
no  benefit  from  the  money.  The  president  told  him 
the  bank  was  ready  to  renew  the  notes,  and  to  give  him 
any  accommodation  that  he  miijfht  ask.  Mr.  Stout 
simply  replied,  that  the  blow  was  a  heavy  one,  but 
that,  having  assumed  the  obligation,  he  should  dis- 
charge it ;  that  he  asked  no  favors,  and  as  the  notes 
matured  he  should  take  them  up.  He  paid  every  dol- 
lar due,  and  every  one  was  certain  that  his  wealth  must 
be  very  large.  His  manliness,  pluck,  and  integrity, 
which  carried  him  through  that  crisis,  became  the  sure 
foundation-stone  on  which  his  great  fortune  was  laid. 
He  took  the  front  rank  among  successful  financiers,  and 
his  honorable  course  in  that  crisis  established  his  fame 
as  an  honest  man,  in  whom  it  would  be  safe  to  confide. 
Years  of  earnest  and  active  business  life  have  not 
changed  that  character,  nor  allowed  a  blot  or  stain  to 
cloud  that  reputation. 


372  BECOMES  A  MERCHANT. 


BECOMES   A   MERCHANT. 

In  the  department  of  dry  goods,  and  in  the  whole- 
sale boot  and  shoe  trade,  Mr.  Stout  found  his  first 
permanent  success.  He  had  great  financial  talent,  and 
with  all  his  partners  he  reserved  to  himself  the  right 
to  decide  on  credits.  He  gave  his  entire  personal 
attention  to  his  business.  Like  Stewart,  he  found  his 
recreation  in  work.  Nobody  came  so  early  that  he 
did  not  find  Mr.  Stout  at  his  post.  He  did  not  leave 
till  the  business  was  done  and  the  store  closed.  His 
hours  were  from  seven  in  the  morning  till  six  at  night. 
Four  months  in  the  year  he  worked  till  ten  and  twelve 
at  night,  and  often  till  four  o'clock  in  the  morning,  yet 
would  be  at  his  post  at  seven,  as  usual.  All  who 
worked  after  six  o'clock  were  paid  double  wages.  But 
Mr.  Stout  always  remained  with  them,  no  matter  how 
late  they  worked.  If  sagacity  and  prudence,  hard 
work  and  close  attention  to  business,  high  moral  char- 
acter and  great  financial  ability,  lead  to  fortune,  then 
Mr.  Stout  must  have  accumulated  a  handsome  capital. 

HIS    CONNECTION    WITH   THE   BANK. 

An  attempt  was  made  to  get  up  a  bank  in  which  the 
shoe  and  leather  interest  should  have  a  large  representa- 
tion. In  this  movement  Mr.  Stout  was  very  active ; 
and  when  the  Shoe  and  Leather  Bank  was  incorporated 
he  was  the  largest  stockholder,  became  a  director,  and 
an  influential  manager.  On  the  second  year  he  was 
made  vice-president,  and  had  really  all  the  duties  of 
the  president  to  perform.  The  third  year  he  was 
elected  president,  and  for  fourteen  years  has  had  trie 


PERSONAL.  173 

management  of  that  institution.  He  has  guided  it 
with  a  financial  skill  unsurpassed,  and  the  value  of  the 
stock  shows  how  profitable  that  management  has  been. 
No  voice  is  more  potential  in  banking  matters  than 
Mr.  Stout's.  His  judgment  is  reliable  ;  he  is  far-seeing 
and  safe  in  his  measures.  *He  was  city  chamberlain, 
and  while  in  that  position  there  was  some  trouble  about 
paying  the  police.  Mr.  Stout  advanced  the  full  sum 
necessary  out  of  his  private  funds.  He  thus  relieved 
the  embarrassment  of  the  force,  and  received  a  splendid 
testimonial,  which  now  adorns  his  parlors. 

PERSONAL. 

Since  he  formed  the  resolution  to  meet  the  notes  he 
had  indorsed,  which  was  so  heavy  a  blow  to  him  in  his 
early  life,  his  career  has  been  an  upward  one.  In 
every  relation  of  life  he  has  occupied  the  front  rank. 
He  is  the  guardian  of  widows  and  orphans,  and  holds 
a  large  amount  of  trust  money,  every  one  feeling 
assured  that  funds  in  his  hands  are  safe.  His  char- 
acteristics are  promptness,  unbending  honesty,  and 
punctuality.  Not  only  has  he  never  failed  to  meet  a 
pecuniary  obligation  during  the  long  term  of  his 
financial  career,  but  he  carries  this  principle  into  the 
minutest  relations  of  life.  In  his  family  his  breakfast 
bell  rings  at  exactly  the  same  time,  and  does  not  vary 
five  minutes  in  a  year,  and  dinner  delays  for  no  one. 
He  has  been  a  church  officer  since  he  was  a  lad.  He  is 
always  on  time  at  the  smallest  meeting.  The  finances 
of  the  church  are  kept  wifli  the  exactness  of  a  bank. 
The  sexton,  minister,  and  all  are  paid  promptly  on  the 
time.     His  bank  board  meets  to  a  second.     The  board 


374  MR.  JONES,  OF  THE  CHEMICAL  BANK. 

is  called  to  order  promptly  on  the  instant.  Each 
director  has  three  dollars  a  day  for  every  board  meet- 
ing. When  the  gavel  of  the  president  falls,  if  one  of  the 
directors  is  at  the  threshold  of  the  inner  door,  but  has 
not  crossed  it,  he  gets  no  pay.  In  his  family  Mr.  Stout 
is  one  of  the  most  indulgent  of  fathers.  He  is  a  genial, 
social,  and  high-toned  friend.  He  is  one  of  the  most 
entertaining  hosts,  and  a  welcome  visitor.  His  wealth, 
accumulated  by  shrewdness,  integrity,  and  toil,  he  dis- 
tributes with  great  liberality.  From  his  early  life  he 
has  identified  himself  with  religion,  humanity,  and  the 
benevolent  operations  of  the  clay.  He  is  a  good  speci- 
men of  what  New  York  can  do  for  a  resolute,  manly 
boy,  who,  with  high  moral  principle,  unbending  in- 
tegrity, and  indomitable  pluck,  resolves  to  place  his 
name  among  the  successful  and  true  men  of  the  land. 

MR.    JONES,  OF    THE    CHEMICAL    BANK. 

The  Chemical  Bank  is  a  bank  of  the  olden  time.  It 
has  none  of  the  North  River  steamboat  style  in.  its 
banking-house.  A  small,  low,  granite  building  on 
Broadway,  opposite  the  Park,  of  humble  pretensions, 
and  unattractive  in  appearance,  is  all  that  greets  the 
eye.  Yet  it  is  the  most  profitable  banking  house,  with 
the  most  valuable  franchise  in  the  city.  Like  the  Man- 
hattan Bank,  it  was  created  for  manufacturing  purposes. 
These  purposes  were  chemical  in  their  nature,  as  the 
name  implies.  The  capital  of  the  bank,  at  the  start, 
was  three  hundred  thousand  dollars.  It  has  never 
been  increased.  It  has  never  suspended  payment,  has 
very  few  stockholders,  and  is  not  anxious  for  business. 


MR  /■  1 3 7. OR,  OF  THE  (. 7  TY  R 1 NK.  375 

It  is  owned  by  a  few  persons,  and  these  principally 
directors.  The  stockholders  arc  John  I.  Jones,  the 
president,  who  has  been  at  the  head  of  the  institution 
twenty-five  }rears,  and  the  Rosevclts  and  their  relatix 
who,  witli  a  few  friends,  own  the  institution.  The 
surplus  of  the  bank  is  enormous,  being  about  two  mil- 
lions added  to  its  capital,  making  a  dividend  on  eight 
times  the  capital  of  the  bank.  All  the  stockholders 
are  wealthy.  The  president  is  a  careful,  quiet,  prudent 
man,  with  little  to  do,  and  large  pay. 

MR.    TAYLOR,  OF    THE    CITY    BANK. 

Moses  Taylor  is  one  of  the  marked  men  of  Xew 
York.  He  is  the  president  of  the  City  Bank,  and  has 
managed  its  affairs  with  consummate  ability  for  many 
years.  He  is  about  fifty  years  of  age,  stocky,  and  well 
proportioned,  with  black  hair  sprinkled  with  gray ; 
brisk,  energetic,  and  spirited  in  his  movements;  de- 
cided, quick,  and  energetic  in  his  mode  of  doing  busi- 
ness, yet  agreeable,  cheerful,  intelligent,  and  compan- 
ionable in  all  the  walks  of  life.  His  fortune  is  set  down 
at  ten  millions,  the  fruit  of  intense  industry,  of  intelli- 
gence, integrity,  and  enterprise.  He  began  life  on  his 
own  account,  in  a  very  small  business  way.  He  has 
the  same  enthusiastic  love  of  business  that  marks 
Stewart,  Astor,  and  other  eminent  men — such  as  led 
Choate  to  abandon  the  cool  airs  of  Newport  and  revel 
in  the  intricacies  of  a  patent  law-suit  in  August.  Mr. 
Taylor  began  trade  for  himself  when  quite  young.  He 
kept  in  a  memorandum  book,  which  he  still  preserves, 
his  loss  and  gain.  He  has  kept  account  accurately  of 
all  his  transactions  from  the  minutest  to  the  heaviest 


376  MR.  TAYLOR,  OF  THE  CITY  BANK. 

from  the  start.  He  can  show  in  black  and  white,  when 
he  has  lost  money,  and  when  he  has  gained,  during  all 
his  business  career.  He  lives  in  the  upper  part  of 
Fifth  Avenue,  his  bank  is  in  Wall  Street,  and  he  walks 
the  entire  distance,  up  and  down,  each  day.  On  re- 
turning home  from  the  business  of  the  day,  he  takes  a 
bath  and  a  nap ;  that  is  all  the  recreation  he  needs. 
Others  want  a  drive  in  the  Park.  Merchants  must  un- 
bend at  Saratoga  or  Long  Branch — take  a  tour  to  the 
White  Mountains,  or  to  the  Alps.  Mr.  Taylor  finds 
his  rest  on  his  couch  for  an  hour,  and  his  recreation  in 
his  business.  On  entering  his  library,  after  his  little 
rest,  he  proceeds  to  business.  His  book-keeper  and 
assistants  are  merely  his  clerks.  The  original  books 
are  kept  at  his  house,  and  are  written  up  by  his  own 
hand  every  day.  Those  at  the  office  are  only  copies. 
He  does  not  ask  his  clerk,  cashier,  or  salesman,  to  state 
his  business.  The  books  are  in  his  own  hands.  Should 
his  down-town  books  be  burned  it  would  not  interfere 
with  his  business,  for  he  writes  his  own  letters,  as  well 
as  makes  his  own  entries.  He  is  president  of  one  of 
the  largest  and  most  successful  banks  in  the  city ;  his 
shipping  house  is  one  of  the  heaviest;  he  owns  an  en- 
tire railroad;  is  almost  the  sole  owner  of  one  of  the 
heaviest  coal  interests  in  the  country ;  and  as  manager, 
president,  director,  or  stockholder,  he  is  identified  with 
untold  institutions.  As  he  keeps  his  own  books  he 
must  find  employment  for  all  his  spare  time. 

When  Mr.  Taylor  bought  the  Lackawana  road  it 
was  nearly  worthless,  owing  to  the  heavy  grades.  He 
adopted  the  plan  of  placing  stationary  engines  at  two 
or  three  of  the  worst  grades ;  by  these  he  could  double 


MR   WILLIAMS,  OF  THE  METROPOLITAN  BANK.     377 

the  freight  carried  over  the  road.  To  conceive  the 
idea  was  to  carry  it  into  practical  operation.  So  suc- 
cessful was  the  plan  that  his  dividends  one  year  from 
that  road  were  a  million  dollars.  Mr.  Taylor  is  not  an 
original  man,  but  his  mind  is  practical.  When  an  idea 
is  suggested  to  him  he  seizes  it  in  a  moment  and  puts 
it  into  practical  dse.  This  trait  has  led  him  to  fortune. 
His  investments  in  stocks  are  enormous,  yet  he  trusts 
nobody  with  his  coupons.  He  cuts  them  with  his  own 
hand,  and  presents  them  for  payment.  There  is  no 
man  in  the  State  that  is  so  absolutely  master  of  his  own 
business  as  the  president  of  the  City  Bank.  He  has 
made  this  bank  one  of  the  great  financial  institutions 
of  the  city.  This  bank  did  not  come  into  the  national 
system  when  that  was  adopted,  and  has  no  circulation 
of  its  own.  No  bank  that  refused  to  come  in  at  the 
time  is  able  to  do  so  now.  Any  bank  that  had  a  cir- 
culation could  dispose  of  it  at  a  heavy  percentage. 

MR    WILLIAMS,  OF    THE    METROPOLITAN    BANK. 

Mr.  Williams  has  the  reputation  on  the  street  of  being 
a  keen,  shrewd,  smart,  Yankee.  He  is  about  fifty  years 
of  age,  and,  in  financial  matters,  he  graduated  in  Bos- 
ton. He  came  to  the  city  for  the  purpose  of  taking 
charge  of  the  Metropolitan  Bank,  on  its  institution. 
The  peculiarity  assigned  to  the  bank  brought  it  at 
once  prominently  before  the  mercantile  community, 
and  the  skill  with  which  it  was  managed  gave  it  early 
and  marked  success.  The  Metropolitan  Bank  was  in- 
stituted by  the  merchants  of  New  York,  and  was 
founded  when  each  bank  issued  its  own  paper.  Money 
outside  of  the  city  had  to  be  exchanged,  and  exchange 


378     MR.  WILLIAMS,  OF  THE  METROPOLITAN  BANK. 

brokers  did  a  thriving  business.  To  save  themselves 
from  perplexity  and  loss,  the  merchants  proposed  a 
bank  that  should  do  for  uncurrent  money  what  the 
clearing  house  does  for  checks  in  the  city.  There  was 
a  great  deal  of  wild-cat  money  in  the  country,  and  the 
merchants  were  often  subject  to  heavy  losses.  Mr. 
Williams  was  called  from  the  Suffolk  Bank,  Boston,  to 
take  charge  of  this  new  bank.  All  uncurrent  money 
was  deposited  in  the  bank,  and  sent  home  at  once. 
The  system  worked  like  a  charm.  It  compelled  the 
country  banks  to  keep  their  circulation  low  as  the 
return  of  their  notes  was  daily,  and  this  obliged  them 
to  be  constantly  ready  to  redeem.  A  perfect  system 
was  organized  and  sixty  clerks  employed  to  assort  and 
send  home  uncurrent  money.  This  specialty  set  the 
bank  up.  It  became  a  leading  institution,  and  has 
always  been  successful  and  profitable.  Leading  mer- 
chants were  induced  to  deposit  in  the  bank,  in  order 
that  their  uncurrent  money  might  be  redeemed  with- 
out trouble  or  expense.  The  establishment  of  the 
bank  ruined  the  exchange  brokers,  and  broke  their 
system  up.  Mr.  Williams  is  a  good  debater,  and  in 
the  meeting  of  the  associated  banks,  has  the  reputation 
of  carrying  his  points.  He  is  a  clear  writer,  has  a  very 
positive  manner;  and,  like  a  man  who  is  always  sure 
that  he  is  right,  goes  ahead.  He  is  a  self-made  man, 
and  is  another  illustration  of  the  fact  that  integrity,  as 
well  as  sharpness,  is  an  indispensable  element  of  suc- 
cess in  New  York. 


MR  LEVERICH,  OF  TUI-:  BANK  OF  NEW  YORK.      379 


MR.    PALMER,  OF    THE    BROADWAY    BANK. 

This  gentleman  is  at  the  head  of  a  very  successful 
institution;  but  he  is  perhaps  the  least  popular,  per- 
sonally, of  any  bank  president  in  New  York.  lie  had 
a  rough  time  in  early  life,  and  the  gruff  and  surly  man- 
ner of  his  early  years  has  never  worn  off.  Whatever 
he  does  tends  to  the  benefit  of  the  president  of  the 
bank,  or  of  the  bank  itself.  The  habits  of  a  stable,  and 
the  training  of  an  owner  of  an  omnibus  line,  dealing 
with  drivers  and  men  who  curry  horses,  do  not 
always  fit  a  man  for  refined  society,  or  make  him  an 
agreeable  person  to  do  business  with.  Mr.  Palmer  is 
reputed  to  be  rigidly  honest,  and  square  in  trade, 
though  hard.  The  city  moneys  are  kept  in  his  bank, 
and  though  a  million  or  two  have  been  locked  up,  if 
the  street  is  to  be  believed,  when  the  money  market 
was  to  be  tightened,  no  one  accuses  Mr.  Palmer  of  be- 
ing in  complicity  with  the  movement.  No  one  can 
get  money  from  the  Broadway  Bank  unless  his  collat- 
erals are  good.  No  one  well  acquainted  with  the  presi- 
dent would  apply,  during  business  hours,  for  a  sub- 
scription to  a  benevolent  cause. 

MR.  LEVERICH,  OF  THE  BANK  OF  NEW  YORK. 

This  gentleman  is  the  head  of  this  great  bank — one 
of  the  oldest  in  the  city — one  of  the  most  successful — 
a  gentleman  of  probity,  and  fair  business  ability.  The 
moving  spirit  of  the  bank  is  Mr.  Banker,  son-in-law  of 
Commodore  Vanderbilt.  The  Commodore  keeps  his 
account  in  this  bank,  with  other  heavy  capitalists,  and 
it  is  said  that  the  Commodore  does  pretty  much  as  he 


380    MR.  COE,  OF  THE  AMERICAN  EXCHANGE  BANK. 

pleases  inside,  when  he  wants  money.  Mr.  Bunker  is 
one  of  the  most  elegant  men  to  do  business  with  in 
New  York.  He  is  affability  personified.  His  words 
are  honeyed,  and,  to  appearance,  he  is  all  things  to  all 
men.  But,  notwithstanding  this  bland  exterior  he  does 
what  he  pleases  in  the  bank,  and  runs  it  with  great 
ability  and  great  success.  The  bank  does  a  daily  busi- 
ness of  ten  millions.  Its  capital  is  great ;  its  dividends 
are  pleasant  to  receive. 

MR.    STEVENS,   OF    THE    BANK    OF    COMMERCE. 

The  president  of  this  mammoth  institution  is  a  very 
old  man,  painfully  connected  with  our  courts  in  do- 
mestic matters,  and  would  long  since  have  retired  from 
his  business  but  for  the  ability  with  which  the  cashier, 
Mr.  Vail,  manages  the  institution.  Mr.  Yail  is  really 
a  man  of  ability,  but  he  puts  on  such  airs,  and  is  so 
consequential,  that  he  renders  himself  very  disagreea- 
ble to  bankers  that  have  anything  to  do  with  him. 
The  bank,  with  its  large  capital  of  ten  millions,  and 
great  trade,  has  always  been  sound  and  successful. 

MR.  COE,  OF  THE  AMERICAN  EXCHANGE  BANK. 

The  fame  of  this  bank  was  created  by  David  Leavitt, 
who,  for  many  years,  was  at  its  head.  He  was  a  keen, 
able,  and  successful  financier;  one  of  the  boldest  of 
bankers,  who,  with  all  his  daring,  commanded  the  es- 
teem and  confidence  of  the  street.  He  retired  with  a 
fortune,  and  is  recreating  himself,  in  his  old  age,  by 
building  a  stable  at  the  expense  of  a  hundred  and  fifty 
thousand  dollars,  and  if  he  lives  long  enough,  will 
build  a  house  to  match.   Mr.  Leavitt  ran  the  Exchange 


MR.  KITCHEN,  OF  THE  PARK  BANK.  381 

Bank  when  Jacob  Barker  was  the  lion  of  the  street. 
Mr.  Coc  is  a  very  different  sort  of  man.  He  is  v«-ry 
•-liable,  but  a  great  theorizer.  He  can  argue  his 
point  with  great  ability,  but  his  schemes  arc  mostly 
impracticable.  He  understands  the  science  of  bank- 
ing— nothing  more. 

MR.    KITCHEN,  OF    THE    PARK    BANK. 

This  bank  is  very  ably  managed,  and  is  one  of  the 
most  reputable  institutions  in  New  York.  It  does  its 
business  in  the  most  costly  building  in  the  city.  There 
is  no  such  banking-room  in  the  world.  The  Roths- 
childs would  feel  themselves  verging  towards  insolv- 
ency  to  have  such  quarters  in  which  to  transact  their 
gigantic  business.  The  prosperity  and  fame  of  this 
bank  belong  to  another  administration.  When  the 
bank  was  chartered,  Mr.  Howes,  now  a  broker  on  the 
street,  was  its  president;  a  keen,  self-reliant,  shrewd, 
straight  forward,  far-seeing  man.  He  brought  the 
bank  up  at  a  bound,  and  did  it  by  a  bold  stroke,  which 
would  have  ruined  him  and  the  bank  had  it  not  been 
successful.  Gold  reached  2.80.  Mr.  Howes  was  satis- 
fied that  it  would  go  no  further.  Other  bankers,  whose 
reputation  for  shrewdness,  prudence,  and  good  judg- 
ment, was  quite  equal  to  his,  believed  gold  would 
touch  three  hundred,  perhaps  3.50.  Acting  on  his 
own  judgment,  the  president  sold  the  gold  belonging 
to  the  bank,  and  that  held  by  the  officers.  He  had 
an  immense  quantity  of  gold  in  the  bank,  left  by  de- 
positors. He  sold  that  and  bought  gold  at  the  market 
rates,  as  it  was  called  for  by  the  owners.  From  that 
figure,  2.80,  gold  began  to  recede.     The  profits  of  the 


382  MR.  BENEDICT,  OF  THE  GOLD  EXCHANGE  BANK. 

bank  were  enormous,  and  though  Mr.  Howes  afterwards 
retired  from  the  presidency  of  the  bank,  the  great 
banking  house  on  Broadway,  built  out  of  the  shrewd- 
ness of  that  operation,  will  stand  as  a  monument  of  his 
financial  skill.  Mr.  Kitchen  came  into  the  bank  from 
mercantile  life.  He  brought  with  him  the  repute  of 
integrity,  prudence,  and  much  good  judgment.  Under 
his  management  the  bank  has  continued  its  career  of 
success. 

MR.    KNAPP,  OF    THE    MECHANICS'    BANK. 

There  is  no  name  on  the  street  better  known  than 
that  of  Shepherd  Knapp.  As  a  merchant  in  the  Swamp 
for  many  years,  he  was  marked  by  sterling  integrity 
and  success.  He  has  been  long  identified  with  the 
Mechanics'  Bank,  one  of  the  soundest  and  safest  in  the 
city.  Mr.  Knapp  is  a  gentleman  of  the  old  school ; 
honest,  industrious,  clear-headed,  affable,  and  agreea- 
ble in  his  manner.  Men  who  are  refused  a  favor  at 
the  bank  are  sent  away  in  a  better  frame  of  mind  than 
customers  of  some  banks  who  are  accommodated.  The 
bland,  courteous,  and  affable  manners,  with  gentlemanly 
deportment,  which  marked  the  bankers  of  earlier  days, 
and  which  are  preserved  in  Mr.  Knapp,  are  giving 
way  to  the  bold,  coarse,  uncivil,  but  energetic  style  of 
the  present  day. 

MR.  BENEDICT,  OF  THE  GOLD  EXCHANGE  BANK. 

This  Bank  is  a  clearing  house  for  gold.  It  serves  the 
same  purpose  for  the  brokers  that  the  clearing  house 
does  for  the  banks.  The  forgeries  of  young  Ketchum 
led  to  the  establishment  of  the  Gold  Exchange  Bank  as 


MR  SOUTHWORTH,  OF  THE  ATLANTIC  BANK. 

a  protection  to  the  brokers.  Formerly,  in  the  sale  of 
gold,  the  precious  metal  was  carted  from  bank  to  bank. 
and  from  office  to  office,  or  carried  in  hand  by  clerks 
and  messengers.  Beside  the  danger  and  exposure 
attending  the  removal  of  gold,  the  inconvenience  and 
expense  were  great.  To  remedy  the  evils,  the  Gold 
Exchange  Bank  was  created.  Beside  being  a  clear- 
ing house  for  oold,  it  transacted  the  regular  business 
of  a  bank,  receiving  deposits,  and  making  discounts. 
The  Black  Friday  demoralized  this  institution,  and 
would  hare  bankrupted  it,  if  every  moneyed  institution 
in  the  city  had  not  been  paralyzed.  It  was  unable  for 
some  time  to  discharge  its  regular  functions.  The 
brokers  insisted  that  the  bank  should  give  up  its  de- 
partment of  banking,  and  conduct  business  simply  as 
a  clearing  house  for  gold,  receiving  a  percentage  on 
the  clearances  of  the  bank  as  a  compensation  for  the 
business  done.     Such  it  is  at  the  present  time. 

MR.    SOUTIIWORTH,    OF    THE    ATLANTIC    BAXK. 

This  gentleman  has  a  fair  standing  as  a  business  man. 
Like  many  other  banks,  the  Atlantic  was  created 
under  a  specialty-  The  Manhattan,  proposed  water 
works,  the  Chemical,  manufactures,  the  Shoe  and 
Leather  was  created  by  the  Swamp.  The  Mechanics1 
was  for  artisans. .  Bull's  Head  was  designed  as  a  spe- 
cial accommodation  for  dealers  in  cattle.  The  Grocers' 
Bank,  was  for  the  tradesmen  indicated  by  the  name. 
The  Merchants'  was  started  by  the  dry  goods'  men, 
and  the  Corn  Exchange,  for  operators  in  flour  and 
grain.  In  each  case,  the  banks  have  failed  to  con- 
trol  the   custom    sought ;  or,  the   parties  who  origi- 


384  MR,  DICKINSON,  OF  THE  TENTH  NATIONAL  BANK. 

nated  the  banks,  have  been  outbought  and  outvoted 
by  others.  Unlike  all  others,  the  Atlantic  Bank  had 
a  religious  origin,  and  so  far  has  been  managed  by  the 
denomination  that  started  it.  Gentlemen,  having  a 
common  faith,  and  wishing  to  act  together  in  business 
as  they  acted  in  denominational  relations,  put  their 
capital  together  and  started  the  Atlantic  Bank.  Mr. 
South  worth  was  called  to  the  Presidency.  Like  most 
of  the  financial  men  of  New  York,  he  has  been  the 
architect  of  his  own  fortune.  He  began  life  poor  and 
threw  himself  on  his  own  resources.  He  worked  his 
way  up  by  integrity  and  industry.  He  earned  by  his 
own  talent  and  energy  his  fortune,  and  ranks  well 
among  the  financiers  of  New  York. 

MR.    DICKINSON,    OF    THE    TENTH    NATIONAL    BANK. 

This  gentleman,  like  so  many  of  the  wealthy  men  of 
the  street,  had  no  capital  to  start  life  with,  but  health, 
industry,  perseverance  and  sterling  honesty.  Resolved 
to  set  up  for  himself,  he  borrowed  a  capital  of  three 
thousand  dollars,  and  with  that,  laid  the  foundation  of 
his  fortune.  After  a  business  career  of  thirty  years, 
he  retired  from  active  mercantile  life  with  a  large  for- 
tune. He  joined  a  shipping  house,  which  became 
one  of  the  most  successful  in  the  city.  He  passed 
through  the  Golden  Gate  when  it  was  first  thrown  open 
to  the  trade  of  the  world.  He  directed  the  shipping 
affairs  of  his  house,  in  San  Francisco,  in  person,  and 
saw  to  the  loading  and  unloading  of  his  ships.  He 
made  large  investments  in  California,  which  have 
proved  immensely  valuable.  He  joined  in  the  Washoe 
excitement  and  took  advantage  of  that  fine  opening 


MR.  DICKINSON,  OF  THE  TENTH  NA  TIONAL  BANK.  3  -  •"> 

at  an  early  day.  From  1S49,  till  he  retired  from  the 
shipping  business,  Mr.  Dickinson  visited  California  once 
a  year,  to  take  charge,  in  person,  of  his  business.  One 
of  his  investments  yields  him  a  dividend  yearly  of 
thirty  thousand,  gold — more  than  he  paid  for  the  whole  ± 
property.  His  rules  of  business  were  to  do  promptly, 
exactly,  and  honorably,  all  he  undertook.  From  the 
start,  he  has  been  at  the  head  of  every  thing  with 
which  he  has  been  connected.  He  made  himself 
acquainted  intelligently  with  whatever  he  proposed  to 
do.  Finding  out  first  what  was  to  be  done,  how  it 
was  to  be  done,  and  then  pushing  it.  illustrating  a  law 
in  trade,  that  intelligent  brain  leads  all  others.  As  a 
merchant,  he  was  the  head  of  his  house,  and  was  admit- 
ted to  be  the  most  energetic  and  successful  in  his  line 
of  trade.  He  was  elected  one  of  the  directors  of  a 
railroad,  and  immediately  put  at  the  head.  The  stock- 
holders of  the  Tenth  National  Bank  made  him  a  direc- 
tor, and  he  was  at  once  chosen  by  the  directors  as 
president.  He  has  been  distinguished  as  a  keen,  careful 
and  prudent  business  man  ;  of  good  judgment,  very 
quick  in  his  decisions,  making  up  his  mind  readily  and 
very  positive  Avhen  his  mind  was  made  up  ;  very  persis- 
tent in  his  plans,  and  sticking  to  a  course  he  thought  was 
right  through  all  phases ;  true  to  his  friends,  and  giving 
his  enemies  no  quarter.  He  has  made  the  fortune  of  a 
great  many  friends,  to  whom  he  has  conveyed  import- 
ant information,  or  who  have  been  guided  by  his  judg- 
ment. He  trained  his  children  to  business,  and  to 
encourage  them,  made  investments  in  their  name,  and 
carried  these  accounts  as  regularly  as  he  would  for  a 
stranger.  When  his  children  wanted  funds,  instead 
of  making  them  a  present,  he  paid  over  the  dividends 
25 


386  MR.  DICKINSON,  OF  THE  TENTH  NATIONAL  BANK. 

of  the  stocks  standing  in  their  names.     Some  of  these 
investments  have  proved  very  valuable. 

I  have  given  an  account  in  another  place  of  the  run 
on  the  Tenth  National  Bank  during  the  panic  of  Sep- 
tember.    It  is  conceded  on  all  hands,  that  but  for  the 
wisdom,  ability,  and  resources  of  Mr.  Dickinson,  then 
president  of  the  bank,    that   institution  would  have 
gone  under,  and  scarcely  a  bank  in  New  York  would 
have  escaped.     The  stock  of  the  Tenth  National  Bank 
was  owned  largely  by  the   Shoe  and  Leather  Bank. 
The  Street  were  notified  that  the  Shoe  and  Leather 
Bank  had  sold  out  to  the  Erie  clique,  as  it  was  called, 
and  that  Jay  Gould,  Smith,    Martin  &  Co.,  and  their 
associates,  would  hereafter  control  the  bank.     When 
the  gold  clique  commenced   their  operations  on  the 
street,  it  was  presumed  that  they  controlled  the  funds 
of  the  bank,  half  of  which  they  owned.     The  bank  had 
been  very  successful  in  securing  the  deposits  of  the 
heaviest  operators  on  the  street.     Reports  were  indus- 
triously circulated   that   these   men  were   largely  in- 
debted to  the  bank,   and  that  all  depositors  were  in 
peril.     Interested  parties  filled   the   street   with   the 
wildest  rumors  and  a  run  on  the  bank  was  the  result. 
The  president  had  no  idea  of  any  trouble,  when  the 
bank    was   opened   in  the    morning.     In  an   instant 
the  rush  commenced   and  lasted  till  four  o'clock  in 
the  afternoon.     Every  check  was  paid,  and  an  hour 
after  banking  hours  the  president  invited  outsiders  in 
to  get  their  money.     Without  the  slightest  warning, 
or  the  slightest  preparation,  the  bank  paid  seventy  per 
cent,  of  its  entire  indebtedness  in    one  day  and  was 
creditor  the  next  morning  at  the  clearing  house,  to  a 
large  amount.     Like  most   panics,  this  was  baseless. 


MR  SPROULE,  OF  THE  MERCHANTS  EXCHANGE.    3S7 

The  parties  who  bought  the  stock  of  the  Shoe  and 
Leather  Bank  did  not  control  the  bank.  The  old 
directors  remained — remained  to  take  charge  of  the 
interests  of  others  committed  to  them.  During  the 
entire  panic,  the  gold  clique  had  no  control  over  the 
bank  and  did  not  owe  the  bank  one  dollar.  The  Tenth 
National  Bank  is  now  owned  by  the  officers  of  the 
city  government,  known  as  the  Ring,  and  it  will  be 
controlled  by  the  party.  It  will  be  a  sort  of  city  bank, 
holding  the  funds  of  the  corporation,  and  performing 
its  business,  as  well  as  being  a  general  banking  insti- 
tution. 

MR.    SPROULE,     OF    THE    MERCHANTS   EXCHANGE. 

Mr.  Sproule,  of  the  Merchants  Exchange,  is  a  very 
careful,  prudent  man,  not  very  familiar  or  affable,  but 
a  good  business  man,  with  whom  the  affairs  of  the 
bank  would  be  safe.  Mr.  Duer,  of  the  Bank  of  the 
State  of  New  York,  is  close,  tight,  and  has  the  repu- 
tation of  being  a  hard  man.  Mr.  Haight,  of  the  Com- 
monwealth Bank,  would  not  object  to  locking  up  money 
occasionally,  when  the  market  is  tight.  Mr.  Blake, 
of  the  Mercantile  Bank,  is  a  liberal,  genial  man,  square 
in  his  dealings,  and  one  of  the  fiuest  looking  men  in  the 
city.  Mr.  Oakley,  of  the  Citizens  Bank,  is  a  genial 
business  man.  The  marked  characteristic  of  Mr.  John- 
son of  the  Hanover  Bank,  is  caution,  though  he  evi- 
dently runs  his  own  concern.  Mr.  Calhoun,  of  the 
Fourth  National,  is  a  huge  man  physically,  prompt  and 
decided,  a  trained  and  successful  merchant. 


XXXIV. 
WALL  STREET  AT  NIGHT. 

Winding  up  the  Business  of  the  Day. — Silence  of  the  Street. — Up 
Town  Stock  Exchange. — Brokers  in  the  Hotels. — Personale  of  the 
Operators. 

The  Street  proper,  is  quiet  enough  after  sunset.  All 
contracts  expire,  and  all  payments  must  be  made 
before  21  in  the  afternoon.  Three  o'clock  winds  up 
the  business.  Notes  not  paid  go  to  protest.  The  iron 
rule  of  expulsion  falls  with  the  iron  hammer  that  beats 
out  the  hour  of  three,  on  all  who  have  not  paid,  or  have 
failed  to  deliver.  A  few  minutes  before  three,  Wall 
Street  hums  with  activity.  Men  hastening  to  de- 
posit their  checks.  Long  lines  of  men,  stretching  out 
on  the  sidewalk  in  front  of  the  banks,  wait  patiently 
to  save  their  houses  or  firms  from  dishonor.  The 
paying  teller — patient  soul — accommodates  the  crowd, 
and  gives  laggards  a  chance.  When  the  long  line  gets 
inside,  the  doors  of  the  banking  house  are  closed  and 
outsiders  are  turned  away.  Hacks,  cabs,  and  private 
coaches  fill  the  street.  Solid  men  button  up  their  coats 
and  start  for  a  tramp  up  town.  Snobs  and  shoddy 
speculators  take  a  coach.  The  Gold  Room  disgorges, 
and  the  excited  throng  pour  out  from  the  Stock  Ex- 
change.   Ferry  boats,  steam  boats,  steam  cars  and  horse 

(388) 


WALL  STREET  AT  NIGHT.  3S9 

cars,  omnibuses  and  vans,  receive  the  rushing  throng 
and  carry  them  to  their  homes.  Porters,  messengers, 
janitors  at  their  work,  and  women  cleaning  and  scour- 
ing, hold  possession  of  the  deserted  place.  There  are 
no  warehouses  in  the  street,  no  shops,  no  stores,  and 
the  bustle,  din,  and  commotion  which  mark  the  street 
during  business  hours,  give  place  to  sullen  stillness, 
which  is  painful.  Pompei  is  not  more  silent  than  Wall 
Street  after  dark. 

But  the  operators  are  not  silent.  If  they  have  had 
a  good  day,  flushed  with  success,  they  dine  at  an  up 
town  hotel.  Common  food  is  too  tame  for  such  spirits 
and  drinking  is  first  in  order.  It  is  a  very  common 
thing  to  see  young  men  belonging  to  the  street,  call 
for  and  finish  a  bottle  of  wine,  before  a  mouthful  of 
food  is  tasted.  This  style  of  life  tells  on  young  men. 
Men  of  thirty  years  of  age  are  as  old  as  their  fathers 
were  at  fifty.  There  is  a  style  of  business  young  men 
peculiar  to  the  street,  They  are  prematurely  old  ; — 
prematurely  fat; — prematurely  bald.  Their  faces  are 
flushed,  they  have  an  apoplectic  look,  and  their  whole 
appearance  is  suggestive  of  high  living  and  dissipa- 
tion. In  walking  through  the  street,  one  is  struck 
with  the  great  number  of  youngish  men  who  limp,  go 
with  canes  and  who  have  the  incipient  gout,  and  are 
partially  paralyzed,  or  whose  "  under  pinnings  "  are  im- 
paired. Men  cannot  live  in  a  perpetual  whirl  of 
excitement  night  and  day,  and  not  burn  their  brains 
up,  if  they  have  any. 

At  night,  Wall  Street  is  distributed,  but  busy.  At 
one  time,  a  regular  stock  exchange  was  opened  in 
upper  New  York,  to  hold  an  evening  session.     The 


390  WALL  STREET  AT  NIGHT. 

business  deranged  the  street  so  much,  that  leading 
men  withdrew  from  it,  and  it  fell  through.  Business 
is  informally  transacted  every  night,  and  the  principal 
up  town  hotels  are  used  as  exchanges.  Business  men 
there  make  appointments  with  each  other,  close  up  a 
day's  transaction,  or  prepare  for  the  morrow.  Bulls 
and  Bears  hold  quiet  sessions,  and  drink  to  the  success 
of  the  coming  fight.  Gold  cliques  and  conspirators 
get  together,  and  lay  their  plans  to  put  a  fortune  into 
their  own  pockets,  and  spread  ruin  through  the  street. 
Fifth  Avenue  Hotel  is  a  favorite  resort  for  Wall  Street 
at  night.  Moneyed  men,  heavy  operators,  daring 
speculators,  the  leaders  of  cliques  and  parties  on  the 
street,  live  in  the  vicinity  of  the  hotel.  They  drop  in 
during  the  evening,  apparently  unconcerned,  and  as  if 
there  by  accident.  They  nod  indifferently  to  acquaint- 
ances, and  seem  unconcerned  about  business.  Between 
eight  and  ten,  the  leading  men  of  Wall  Street  will  be 
seen  at  the  Fifth  Avenue  Hotel.  Nine  o'clock  is  high 
change.  All  through  the  city,  in  prominent  places, 
the  excitement  of  the  Stock  Market  is  kept  up.  The 
night  area  of  Wall  Street  is  thirty  miles,  and  specula- 
tion rages  in  real  estate,  country  seats,  town  lots,  and 
horses,  as  well  as  in  stocks.  A  merry  life,  though  it 
be  a  short  one,  is  the  rule  of  the  street. 

It  is  interesting  to  visit  Wall  Street  during  business 
hours.  On  the  steps  of  the  Treasury  building,  or  on 
the  corner  of  Broad  and  Wall,  a  fine  view  of  the  rush- 
ing, excited  throng  that  fill  the  streets,  can  be  had. 
The  up  town  hotels  at  night  are  quite  as  interesting. 
You  can  touch  and  handle  the  famous  Bulls  and  Bears ; 
— that  is  Vanderbilt,  a  tall,  lithe,  clerical  looking  gen- 


WALL  STREET  AT  NIGHT.  391 

tleman,  with  nearly  eighty  winters  upon  him,  yet  erect 
as  a  Mohawk  warrior,  and  as  lithe  and  subtle  as 
when  he  was  thirty  years  old.  All  give  place  to  the 
great  millionaire,  and  he  walks  through  the  open 
pathway,  to  the  little  room  where  his  friends  are  gath- 
ered. August  Belmont  walks  in.  A  short,  thick-set, 
dark  looking  man,  dressed  in  English  style.  He  would 
give  fifty  thousand  dollars  if  he  did  not  limp..  The 
centre  of  that  group  is  Richard  Shell,  familiarly  known 
on  the  street  as  Dick  Shell.  He  is  a  short,  thick-set 
man,  stoutly  built,  with  heavy,  stolid  features,  indica- 
tive of  dogged  resolution.  He  throws  his  head  back 
as  he  walks,  and  has  a  quick,  energetic  pace,  as  if  he 
had  to  make  his  account  good  at  the  bank,  and  was  a 
little  late.  Fisk  drops  in,  a  large  specimen  of  the  Fat 
Boy  of  Dickens — short  and  chunky,  with  a  face  easily 
caricatured — with  sandy  hair,  parted  in  the  middle  and 
curled.  He  flashes  all  over  with  jewelry,  and  walks 
with  the  air  of  a  man  who  controls  Erie.  He  is  too 
new  in  New  York,  and  there  are  too  many  wounded 
men  suffering  from  his  gigantic  operations  in  Septem- 
ber to  make  him  popular  in  the  street.  The  gentle- 
man who  passes,  is  a  character;  about  fifty,  though 
he  looks  ten  years  younger.  His  curly  auburn  hair 
looks  as  if  it  had  just  left  the  hands  of  a  fashionable 
barber.  He  dresses  in  the  latest  style,  and  his  glasses 
give  him  the  look  of  professional  respectability.  He 
comes  in  at  the  door  on  double  quick,  peers  to  the  right, 
peers  to  the  left,  and  throws  a  searching,  anxious  look 
at  all  the  groups,  as  if  fearful  that  the  object  of  his 
search  may  escape  him.  Now  at  the  register,  then 
hurrying  into  the  reading  room,  dodging  into  the  smok- 


392  WALL  STREET  AT  NIGHT. 

ing  room,  rushing  to  and  fro,  he  is  restless  ever.  That 
is  a  well  known  Doctor  of  Divinity, — a  great  lover  of 
a  horse — a  keen  driver — a  successful  operator  on  the 
street — living  in  fine  style  up  town  on  the  results  of  his 
sharpness  and  shrewdness  in  stocks.  In  the  hotel  at 
night  may  be  found  prominent  lawyers  and  judges, 
dry  goods  men,  and  men  of  mark'.  The  clergy  are 
fairly  represented,  with  other  professions.  One  of  the 
number  is  especially  marked.  He  has  had  for  many 
years  one  of  the  most  fashionable  and  crowded  con- 
gregations. He  comes  in  among  the  night  operators 
without  disguise.  He  dresses  in  ultra  clerical  costume. 
He  seldom  speaks  to  any  one,  drifts  round  about  the 
crowd  quietly,  apparently  having  no  interest  in  the 
movements  of  the  sharp  men  of  the  city.  He  has  the 
reputation  of  being  a  very  successful  operator,  and  of 
being  rich.  In  and  out,  coming  and  going  till  ten 
o'clock,  the  principal  operators  of  the  street  will  be 
seen  at  some  one  of  the  prominent  up  town  hotels. 
Unless  in  times  of  great  excitement  the  company  begins 
to  separate  at  ten,  and  in  half  an  hour  the  regular 
guests  of  the  hotel  hold  session. 

There  are  grave  reasons  why  the  heavy  operators 
crowd  the  Fifth  Avenue  Hotel  at  night.  Most  of  these 
gentlemen  leave  the  street  at  4  o'clock.  They  go  to 
their  recreation  in  Harlem  Lane,  if  they  have  trotters  ; 
in  the  Park,  if  they  ride  in  dignity  and  elegance.  The 
operations  on  the  street  do  not  stop  with  their  depart- 
ure. Operators  remain,  sharp  men,  needy  men,  men 
often  desperate.  Everything  closes  at  six.  Between 
four  and  six,  the  second  rate  operators  have  every 
thing  to  themselves.     Sometimes  they  succeed  in  mark- 


WALL  STREET  AT  NIGHT.  393 

ing  stock  up  five,  ten,  or  fifteen  per  cent.,  after  the 
heavy  market  is  supposed  to  have  closed.  The  last 
quotations  are  sent  up  to  the  Fifth  Avenue  Hotel.  A 
little  bit  of  paper,  three  inches  by  ten,  pasted  up  in  the 
vestibule,  is  the  centre  of  great  interest.  Brokers  come 
in  from  a  ride,  take  their  dinner,  and  then  drift  down 
to  the  hotel.  When  they  left  the  street,  they  left 
millions  at  stake.  The  last  quotations  may  benefit 
or  damage  them  to  the  amount  of  hundreds  of  thou- 
sands  of  dollars.  The  broad  office  of  the  hotel  was,  at 
one  time,  a  Stock  Exchange.  The  annoyance  to  the 
hotel  keepers  was  so  great  that  the  practice  was  for- 
bidden. 


XXXV. 
WALL  STREET  AT  DORLAN'S. 

CEOWD  IN  THE  LITTLE  DEN. — APPEARANCE  OF  DORLAN. — RULES  OF  TRADE. 
— HIGH  CHANGE. — WHY  DORLAN  DOES  NOT  ENLARGE. — WHY  HE  DOES 
NOT    RETIRE. — THE    OYSTER   TRADE. — DORLAN   WITH    THE   JEWS. 

In  the  old  tumble-down  rookery,  known  as  Fulton 
Market,  the  successful  men  of  Wall  Street  can  be  found, 
as  well  as  in  Fifth  Avenue.  The  well-to-do  specula- 
tors affect  style.  They  live  in  a  particular  locality  ; 
demand  a  special  quartette  choir  for  their  devotions ; 
employ  doctors  who  live  with  the  upper  ten;  have 
their  special  grocery  men  and  traders ;  buy  their  dry 
goods  in  aristocratic  stores,  and  patronize  a  special 
kind  of  amusements.  Wall  Street  and  the  aristocracy 
eat  their  oysters  at  Dorian's.  It  is  a  room,  cramped, 
cribbed,  and  confined.  At  best,  it  is  a  little  den  of  a 
place,  fitted  up  in  the  plainest  style — mere  stools  with- 
out cushions,  tables  without  cloths,  and  stone  ware  in- 
stead of  porcelain.  Amidst  hucksters,  venders  of  pea- 
nuts, oranges,  and  vegetables,  Dorian's  establishment 
stands  at  Fulton  Market,  and  has  stood  so  for  thirty 
years.  The  entrance  to  it  is  through  a  long,  narrow 
lane,  not  wide  enough  to  allow  two  persons  to  pass 
abreast.  Here  can  be  found,  daily,  from  11  o'clock 
till  4,  the  richest,  and  the  most  gorgeously  dressed 

(394) 


PERSONAL.  396 

people  of  New  York.  Grace  Church  in  the  season, 
the  opera  on  a  patronage  night,  Broadway  on  a  gush- 
ing spring  morning — cannot  boast  of  a  more  fashiona- 
ble or  elegantly  attired  company,  than  crowds  the  lit- 
tle room  of  Dorian  from  day  to  day.  Dainty  ladies, 
who  tread  on  velvet  carpets  at  home,  stand  in  a  line, 
and  wait  for  some  customer  to  vacate  his  scat,  glad  to 
put  their  feet  on  the  sanded  floor,  and  sit  on  the  hard 
benches.  Gentlemen,  who  drive  their  magnificent 
teams,  live  in  palaces  in  upper  New  York,  who  eat  oil' 
of  the  finest  china,  and  are  waited  on  by  servants  in 
full  dress,  take  their  chances  with  the  rougher  speci- 
mens of  humanity,  in  this  plain  oyster  house. 

PERSONAL. 

Mr.  Sidney  Dorian  is  worth  looking  at.  Shrewd, 
sharp,  wiry,  fragile  in  build,  he  seems  the  personifica- 
tion of  a  keen,  successful  Yankee.  He  early  followed 
the  sea,  and  bears  the  marks  of  a  sailor.  In  dress  and 
appearance  he  resembles  a  captain  on  shore  after  a 
successful  voyage.  He  was  born  in  Hempstead,  Long 
Island,  and  was  trained  to  the  sea.  From  a  sculling 
boat  he  moved  up  to  the  command  of  a  square-rigged 
ship.  His  father  was  in  the  oyster  business.  He  planted 
his  own  beds,  and  did  the  little  business  in  Fulton 
Market  done  in  oysters,  in  his  day.  He  made  frequent 
trips  to  Virginia  to  obtain  the  seed  of  the  Princess  Bay 
oyster,  the  celebrated  brand  of  that  time.  On  the 
death  of  his  father,  Sidney  took  the  business,  and  on 
the  same  spot,  during  the  life-time  of  a  generation,  he 
has  conducted  the  trade,  and  made  his  name  famous 
in  all  parts  of  the  world.     He  brought  to  his  business 


396  A  HIGH  CHANGE  AT  DORIAN'S. 

a  capital  of  one  hundred  dollars,  and  with  that  laid 
the  foundation  of  his  wealth.  The  retail  business,  for 
the  first  year,  was  not  a  success.  He  gave  his  per- 
sonal attention  to  his  establishment,  worked  from  six 
o'clock  in  the  morning  till  twelve  at  night,  and  at  the 
close  of  the  year  found  he  had  not  made  one  dollar. 
He  felt  sure  of  success,  however,  and  resolved  to  hold 
on.  He  adopted  a  few  simple  rules,  from  which  he 
has  never  departed.  He  would  sell  nothing  but  first- 
rate  articles,  and  make  a  specialty  of  what  is  known 
as  select  oysters.  He  gave  personal  attention  to  his 
business,  delegating  nothing,  requiring  all  his  help  to 
be  at  their  posts  at  an  exact  moment,  or  furnish  sub- 
stitutes. He  inculcated  general  courtesy,  and  special 
attention  to  all  customers.  Plain  and  unadorned  as 
his  rooms  are,  they  are  kept  scrupulously  clean.  His 
oysters  are  selected  with  special  care,  his  lard  is  press- 
ed, his  pepper,  mustard,  and  coffee  ground  daily  for 
his  use,  and  his  oils  are  imported.  He  never  borrowed 
a  dollar,  never  endorsed  a  note,  and  never  bought 
what  he  could  not  pay  for. 

A   HIGH    CHANGE    AT    DORLAn's. 

In  the  little  narrow  room,  during  the  business  hours 
of  the  day,  can  be  seen  the  most  eminent  men  and 
women  of  New  York.  The  very  elite  of  the  city  and 
country  are  there.  Wall  Street  sends  up  its  quota ;  the 
leading  and  successful  merchants  are  represented;  gov- 
ernors, ex-governors,  ex-presidents,  congressmen,  and 
politicians,  sit  side  by  side;  Union  officers  and  rebel 
soldiers  have  a  mess  together;  leading  writers,  clergy- 
men, pugilists,   noted  vagabonds,  and   notorious  men 


WHY  DORLAN  DOES  NOT  RETIRE.  397 

of  all  grades,  drift  into  Dorian's.  From  actual  count 
fifteen  hundred  in  a  day  have  sat  on  those  low  stools, 
and  four  hundred  ladies,  among  the  most  fashionable 
in  New  York,  have  occupied  the  saloon  from  twelve 
till  six  o'clock. 

WHY  DORLAN  DOES  NOT  ENLARGE. 

I  asked  Mr.  Dorian  why  he  did  not  enlarge  his  place. 
His  answer  was,  that  his  business  was  a  success,  be- 
cause he  attended  to  it  personally.  He  not  only  pre- 
sides over  the  money  matters,  but  he  superintends 
every  department.  He  has  practical  men  in  his  es- 
tablishment. Some  have  been  with  him  a  dozen  years, 
bnt  even  these  he  cannot  trust.  The  establishment,  as 
it  stands,  he  can  superintend,  and  he  prefers  rather  to 
give  his  guests  substantial  and  palatable  food,  than  to 
cover  his  tables  with  plates  and  ornaments.  He  com- 
mands trade,  because  no  one  can  go  elsewhere  and  do 
better.  He  has  all  the  business  that  he  can  attend  to 
now ;  he  could  have  no  more  if  his  place  were  larger. 

WHY    DORLAN    DOES    NOT    RETIRE. 

Mr.  Dorian  is  a  very  wealthy  man.  He  could  have 
retired  with  a  fortune  long  ago,  yet  he  toils  on  as  in- 
tensely as  if  he  worked  for  his  daily  bread.  His  es- 
tablishment opens  at  4  o'clock  in  the  morning,  and 
closes  at  12  o'clock  at  night,  and  he  keeps  two  sets  of 
hands.  He  is  not  always  at  the  establishment  at  4  in 
the  morning,  and  does  not  always  remain  till  12  at 
night,  but  his  assistants  never  know  when  he  will  turn 
up.  He  buys  and  sells  for  himself,  and  is  his  own  cash- 
ier and  book-keeper.     With  his  coat  off,  and  sleeves 


398  THE  OYSTER  TRADE. 

rolled  up,  he  stands  at  his  desk  where  he  can  see  the 
face  of  every  customer,  and  overlook  every  servant. 
I  asked  him  one  day  why  he  did  not  retire  from  busi- 
ness. "I  would  not,"  he  said,  "go  out  of  business  for 
the  fortune  of  Astor.  I  should  die  if  I  were  idle.  I 
am  master  of  my  business,  and  I  intend  to  follow  it 
while  I  live."  Mr.  Dorian  is  not  afraid  to  let  men  see 
him  at  work.  He  has  seen  great  changes  since  he 
opened  his  little  stand.  The  sons  of  wealthy  men  are 
glad  to  open  oysters  for  a  living,  who  were  brought 
up  to  ride  in  carriages.  Men  are  doing  menial  work 
about  the  market  who  once  held  their  heads  up  high 
on  'Change,  former  millionaires,  who  have  not  money 
enough  to  buy  a  Saddle  Rock  roast,  come  in  and  eat 
a  few  oysters. 

THE    OYSTER    TRADE. 

The  name  of  Dorian  is  famous  in  all  parts  of  the 
world ; — China,  The  Islands  of  the  Sea,  Hindostan,  Lon- 
don, aDd  Paris.  His  trade  is  with  San  Francisco,  the 
South,  the  West,  and  all  Europe.  Even  Boston  pur- 
chases her  fancy  oysters  at  Dorian's.  Twenty  years 
ago  the  trade  in  oysters  was  very  small,  and  was  then 
confined  to  a  certain  class.  Restaurants  and  saloons, 
of  any  size,  were  unknown.  The  annual  expenditure 
in  New  York  for  oysters,  now,  is  fifteen  millions.  The 
estimated  trade  in  the  United  States  is  one  hundred 
millions  of  dollars.  The  oyster  is  planted.  It  takes 
two  years  to  come  to  maturity.  The  oyster-beds  yield 
a  supply  as  certainly  as  the  farm  of  the  produce  mer- 
chant. The  seed  from  which  the  oyster  grows  is  raked 
from  the  bottom  of  bays  and  rivers,  and  is  found  in 


D0RLA2TAND  THE  JEWS.  309 

all  parts  of  the  world.  The  seed  is  obtained  by  dredg- 
ing. The  seed  is  a  small  oyster,  about  the  size  of  a 
thumb-nail.  A  basket  will  contain  from  twenty-five 
hundred  to  five  thousand.  These  can  be  planted  in 
any  small  bay  or  harbor,  and  the  planting  is  simply 
throwing  overboard.  The  increase  is  so  great  that  in 
two  years  this  one  basket  of  seed  will  produce  a  hund- 
red baskets  of  full  grown  oysters,  ready  for  market. 
Contracts  can  be  made  for  oysters,  as  they  can  be  for 
fruits,  vegetables,  or  grain.  The  fancy  names  given 
to  oysters  describe  not  a  class  but  the  larger  and  fairer 
fruit  that  is  brought  to  market. 

DORLAN    AND    THE    JEWS. 

A  distinguished  banker,  of  the  Jewish  persuasion, 
met  a  Wall  Street  operator  at  Dorian's.  The  Christian 
merchant  expressed  some  surprise  that  a  devout  Israel- 
ite should  be  found  in  an  oyster  saloon,  as  the  law  of 
Moses  prohibited  oysters  as  food.  The  Hebrew  banker 
replied :  "Intelligent  Jews  make  a  distinction  between 
what  is  sanitary  in  the  law  of  Moses  and  what  is  moral. 
The  moral  law  is  binding  on  us  and  our  children  for- 
ever, but  the  sanitary  code,  like  all  municipal  statutes, 
changes  with  circumstances.  Moses  forbade  the  use 
of  pork  as  food.  The  pork  of  Palestine  is  unwholsome, 
and  breeds  leprosy.  It  was  a  wise  provision  to  pro- 
hibit its  use  among  the  people  of  Palestine,  but  the 
same  objection  does  not  lie  against  the  juicy  Cincin- 
nati ham.  The  oysters  of  Syria  were  coppery  and 
poisonous,  they  were  therefore  forbidden  to  the  peo- 
ple. But  had  Moses  eaten  one  of  Dorian's  famous  Sad- 
dle Rock  stews,  he  would  have  incorporated  the  oyster 
among  the  articles  of  food  commanded  to  be  eaten."    . 


XXXVI. 
LEADING  BANKING  HOUSES. 

J.  H.  W.  Selegman  &  Co.  —  Clark,  Dodge  &  Co.  —  Fisk  &  Hatch. — 
Groesbeck  &  Co. — Howes  &  Macy.  —  Lockwood  &  Co.  —  Morton, 
Bliss  &  Co.  —  Trevor  &  Colgate.  —  Robinson,  Cox  &  Co. —  Henry 
Clewes  &  Co. —  Osgood  Brother. — Dr.  Shelton. — Hall  Garten 
&  Co. — Eugene  Kelley  &  Co. — Lees  &  Wallace. —  Dabney,  Mor. 
gan  &  Co. — Henry  A.  Heiser's  Sons. — Marvin  Brothers. —  Joseph 
Mills. — Vermilye  &  Co. — Closson  &  Hayes. 

Failure,  reverses,  and  loss  of  money,  seem  to  be  the 
law  of  Wall  street — venture  and  hazard  the  practice. 
But  there  are  no  mercantile  houses  as  old,  or  as  well 
established  as  many  of  the  banking  houses  on  the 
street.  There  is  no  business  safer,  none  more  profit- 
able, than  dealing  in  stocks,  if  men  are  content  to 
bring  to  it  industry  and  integrity,  and  have  tact,  per- 
severance, and  endurance  to  keep  in  the  safe  channel. 
The  heaviest  houses  on  the  street  are  the  oldest.  In 
some  instances,  the  business  unimpaired  has  gone  down 
to  the  third  generation.  Where  banking  houses  which 
do  the  heaviest  business  and  are  the  most  successful 
are  new  as  such,  the  members  have  laid  the  foundation 
for  a  successful  business  in  the  confidence  inspired  by 
their  integrity  in  other  marts  of  trade.  To  be  a  suc- 
cessful stock  broker,  a  man  must  stand  at  the  head 
of  his  class.    He  must  have  wealth,  tried  integrity,  tact, 

(400) 


I.EAblSG  BANKING  HOUSES 

vigilance,  and  sharp  attention  to  business.  Men  who 
buy  letters  of  credit,  or  send  funds  abroad,  must  have 
confidence  in  the  house  to  which  they  pay  their  money. 
Capitalists  who  deposit  large  sums  of  money  with  bro- 
kers, do  not  trust  every  adventurer  that  turns  up  on 
the  street.  A  trickster,  a  man  who  is  kiting  to  keep  up 
his  credit,  whose  word  is  shaken,  or  whose  morals  are 
questionable,  cannot  be  a  successful  broker  on  Wall 
street.  A  well  established  banking  house  is  a  fortune, 
as  well  as  a  great  capital,  to  bequeath  to  one's 
children. 

Some  houses  on  the  street  are  thirty,  forty,  and  fifty 
years  old.  One  generation  passeth  away  and  another 
cometh.  The  name  of  an  honorable  and  successful 
house  is  borne  by  the  sons.  Men  who  have  passed 
through  half  a  century  of  business  without  a  stain, 
and  have  secured  an  ample  fortune,  bring  their  fami- 
lies to  the  front.  The  old  name  in  some  form  is  re- 
tained. The  fathers  put  in  capital  and  hold  positions 
as  special  partners,  to  keep  the  boys  steady,  and  to 
give  them  the  confidence  of  the  street. 

Active  successful  business  men  seldom  retire  from 
"Wall  street.  The  few  that  have  tried  i£  who  have 
gone  out  for  rest,  recreation,  or  to  enjoy  themselves, 
tire  of  country  seats,  boating,  travel,  and  elegant  leis- 
ure, and  welcome  back  the  excitement  and  exhilara- 
tion of  business.  It  is  not  the  infatuation  of  the  street, 
or  the  mania  for  trade,  that  influences  them.  It  is  not 
money  that  gives  life  its  cheer,  but  something  to 
do;  active,  cheerful,  regular,  honorable  employment. 
Yanderbilt  and  Drew  would  rust  and  die,  if  they  did 
not  keep  their  muscles  limber  and  their  minds  in  full 
26 


402  LEADING  BANKING  HOUSES. 

play  by  business.  Not  long  since  a  very  wealthy 
banker  took  leave  of  the  street.  He  proposed  to 
travel  awhile,  and  then  sit  down  in  his  elegant  coun- 
try seat,  and  with  his  library  and  friends  pass  the 
evening  of  his  days.  He  soon  appeared  in  his  ac- 
customed haunts,  and  was  found  at  his  accustomed 
desk.  He  said,  "I  should  have  died  in  the  country. 
The  novelty  of  my  gardens,  equipage,  lawns  and 
rides,  soon  wore  off  I  found  I  was  a  nonentity. 
When  I  was  in  business,  I  was  of  some  consequence. 
Persons  consulted  me.  My  judgment  was  worth  some- 
thing, and  my  opinions  were  respected.  As  soon  as  I 
left  business  I  was  pronounced  an  old  fogy — nobody 
cared  for  me — nobody  talked  to  me,  but  said  '  oh !  he 
is  counted  out,  he  does  not  amount  to  anything,  let 
him  slide.'  Here,  I  have  cheerful,  active,  congenial 
business.  I  associate  with  men  who  have  been  my 
companions  during  my  business  life.  I  can  work  when 
I  please,  and  go  home  when  I  wish.  I  am  in  the  cen- 
tre of  trade,  get  the  earliest  news,  and  know  that  the 
world  moves.  I  will  remain  at  my  desk  till  I  am  car- 
ried to  that  narrow  house  appointed  for  all  living." 

One  of  the  oldest,  heaviest,  and  most  successful 
houses  changed  its  firm  on  the  1st  of  May, — the 
founder  and  head  of  the  house  retiring.  He  had  not 
been  out  of  business  a  week  before  he  came  back  to 
his  office,  looked  sadly  around,  having  no  voice  or  part 
in  a  place  where  for  many  years  he  had  ruled  as  king. 
He  said,  in  confidence,  u  I  don't  think  I  shall  like  this 
new  arrangement.  You  will  see  in  the  notice  of  the 
change  of  our  firm,  that  it  is  not  stated  that  I  go  out. 
I  do  not  think  I  shall.     I  never  was  as  miserable,  or  as 


LEADING  BANKING  HOUSE'S.  403 

useless  in  my  life.  I  will  spend  the  summer  in  travel, 
bul  id  the  autumn  you  will  see  me  back  in  my  old 
place."  One  of  the  most  successful  merchants  of  Bos- 
ton, having  amassed  princely  wealth,  kept  as  diligently 
at  his  business  as  when  he  was  laying  the  foundations 
of  his  success.  Some  one  asked  him  if  he  had  not 
money  enough.  He  said  he  had.  "  Then  why  do  you 
not  retire  and  take  your  ease  ?"  "  Because  I  should 
not  live  six  months  if  I  were  out  of  business,"  was 
the  reply.  Dr.  Mc Knight,  the  Commentator,  was 
thirty  years  at  work  on  his  Epistles.  His  employment 
was  genial,  regular,  and  his  spirits  cheerful.  When 
he  closed  the  work  he  was  hale,  hearty,  and  in  the  en- 
joyment of  a  green  old  age.  His  friends  advised  him 
to  do  the  same  thing  for  the  Gospels  that  he  had  done 
for  the  Epistles.  He  declined  to  do  so,  claiming  that 
having  worked  thirty  years,  he  was  entitled  to  repose 
the  balance  of  his  life.  His  faculties  began  immedi- 
ately to  decline,  and  he  died  a  driveling  idiot,  The 
philosophy  of  this  arrangement  is  well  understood  on 
the  street,  and  successful  bankers  prefer  the  active 
duties  of  their  profession,  to  an  indolent,  worthless 
decline.  In  this  paper  on  the  leading  banking  houses, 
it  will  be  observed  that  the  heaviest  houses  and  the 
most  successful,  are  the  oldest;  that  there  is  no  line 
of  business  in  New  York  as  safe  and  reliable  as  the 
regular  business  of  the  street ;  that  a  house  has  seldom 
failed  during  the  last  half  century,  which  has  strictly 
confined  itself  to  its  legitimate  business;  and  that 
there  is  probably  not  an  instance,  in  which  a  house  has 
joined  speculation  in  stocks  with  buying  and  selling, 
that  has  not  failed. 


404  J.  &  W.  SE LEGMAN  fr  CO. 


J.    &   W.    SELEGMAN   &   CO. 

This  is  one  of  the  largest  houses  on  the  street.  The 
firm  have  houses  in  New  York,  San  Francisco,  New 
Orleans,  London,  Paris,  and  Frankfort.  The  firm  is 
composed  of  eight  brothers — each  of  whom  presides 
over  a  particular  house.  The  senior  member  of  the 
firm  began  life,  as  most  eminent  men  in  the  street 
began  it,  in  an  humble  way,  and  is  a  self-made  man. 
He  was  in  mercantile  life  for  many  years,  and  then  laid 
the  foundation  of  his  fortune.  Six  years  ago  he  gath- 
ered his  brothers  together,  and  founded  the  house  now 
so  well  known  as  the  house  of  Selegman  &  Co.  Dis- 
tinguished for  integrity,  industry,  and  perseverance, 
the  business  of  the  house  increased  till  it  became  es- 
tablished in  all  the  great  centres  of  trade  in  the  world. 
Its  great  business  has  been  in  foreign  exchange ; 
but  the  house  are  heavy  dealers  in  government  stocks. 
Affable,  courteous,  and  polite,  the  members  of  this  firm 
are  among  the  most  popular  on  the  street.  With  great 
judgment  and  prudence  they  mingled  far-sightedness, 
and  have  an  intimate  knowledge  of  the  markets  of  the 
world.  The  house  has  been  very  popular  with  the  gov. 
ernment.  On  the  breaking  out  of  the  war  Mr.  Joseph 
Selegman  visited  Europe,  and  did  more,  probably, 
than  any  man,  in  inspiring  the  confidence  of  capital- 
ists in  the  ability  of  the  government  to  meet  its  liabil- 
ities. The  Germans  made  large  investments  in  gov- 
ernment securities  at  an  early  period  of  the  war.  They 
were  induced  to  do  this  through  the  agency  of  Mr. 
Selegman.  His  countrymen  had  great  confidence  in 
his  integrity,  good  judgment,  and  far-sightedness,  and 


IRK,  DQVQE  f  CO.,  ETC.  .}(».") 

the  result  lias  justified  the  confidence  they  reposed  in 
their  banking  friend.  In  social  life  he  is  as  popular  as 
he  is  in  business.  The  head  of  the  house  in  New  York 
is  a  social  prince,  and  distributes  to  his  friends  an  ele- 
gant and  generous  hospitality. 

CLARK,    DODGE    &    CO. 

This  is  one  of  the  oldest  banking  houses  in  Wall 
street.  It  is  second  to  none  in  the  country  for  its 
heavy  operations,  its  integrity,  and  success.  Its  speci- 
alty has  been  in  negotiating  railroad  bonds  and  other 
securities. 

FISK    &    HATCH. 

This  is  a  young  house,  but  one  of  the  most  honora- 
ble and  successful  in  the  street.  It  is  very  enterpris- 
ing, and  has  built  up  a  very  large  and  first  class 
business  in  a  few  years.  It  has  an  immense  trade  in 
government  bonds,  which  is  made  a  specialty.  The 
firm  is  smart,  reliable,  genial,  and  affable,  and  ranks 
among  the  first  houses  in  the  city.  Mr.  Hatch  is  a 
philanthropist  as  well  as  a  banker.  His  contributions 
to  mission  work  among  the  lowly,  are  very  large. 
Every  Sunday  he  can  be  seen  in  the  desolate,  neg- 
lected, and  forlorn  portions  of  New  York,  encouraging 
by  his  presence  those  who  are  engaged  in  rescuing  the 
children  of  want  and  sorrow. 

GROESBECK   &   CO. 

This  is  a  very  old  house.  It  is  one  of  the  largest 
stock  houses  on  the  street.  It  has  this  celebrity,  that 
Daniel  Drew  set  it  up,  and  was  for  many  years  the 


406  HOWES  fr  MACY.—LOCKWOOD  fr  CO. 

leading  member.  Mr.  Drew,  though  no  longer  an  ac- 
tive partner  in  the  house,  transacts  its  heaviest  business 
through  this  firm.  Mr.  Groesbeck,  so  long  the  hon- 
ored head,  has  just  retired  from  the  principal  manage- 
ment of  the  house. 

HOWES    &    MACY. 

This  is  one  of  the  best  known  banking  houses  in 
Wall  street.  It  may  be  called  a  live  house.  Mr. 
Howes,  the  principal  partner,  is  a  smart,  shrewd,  ener- 
getic, bold  man,  though  -possessing  a  very  quiet  and 
placid  demeanor.  He  was  in  the  wholesale  shoe  trade, 
and  when  the  Park  Bank  was  started  he  became  its 
president,  and  raised  it  to  its  present  high  renown.  It 
is  said  he  demanded  of  the  bank  a  salary  of  twenty 
thousand  dollars  for  his  services.  It  was  thought  to 
be  too  much,  and  Mr.  Howes  resigned.  He  went  im- 
mediately into  the  street  and  opened  a  banking  house 
in  the  rooms  occupied  by  the  old  United  States  Bank, 
and  afterwards  by  the  United  States  Treasury.  His 
House  took  rank  as  first  class  at  the  start,  and  probably 
during  no  year  of  its  existence  has  Mr.  Howes'  income 
been  less  than  fifty  thousand  dollars. 

L0CKW00D    &    CO. 

For  many  years  this  was  one  of  the  most  celebrated 
houses  in  New  York.  Its  beginning,  with  the  firm  of 
Jenner  &  Lockwood,  was  very  small.  The  firm  were 
stock  brokers,  and  as  such  were  very  successful.  Af- 
ter doing  business  ten  years,  Mr.  Jenner  left  the  house 
with  a  fortune.  The  firm  then  became  Lockwood  & 
Co.,  and  took  the  lead  in  the  street.     The  operations 


MORTON,  BLISS  &  CO.— TREVOR  $•  COLGATE.  407 

of  the  house  were  immense.  It  was  reputed  to  be 
the  wealthiest  banking  house  in  New  York.  Mr.  Lock- 
woocVs  fortune  alone  was  set  down  at  not  less  than  five 
millions.  Speculation  in  stocks  was  joined  to  regular 
stock  business.  They  were  the  heaviest  of  the  class. 
The  inevitable  fate  of  all  such  operations  overtook  the 
house,  and  in  the  panic  of  September,  1869,  Lock- 
wood  &  Co.  suspended  payment.  The  liabilities  of 
the  house  were  stupendous,  but  its  honor  was  not  im- 
paired, and  the  confidence  of  the  street  was  retained 
amidst  the  general  disaster. 

MORTON,    BLIS8   &    CO. 

Mr.  Bliss  was  in  the  dry  goods  trade.  He  was  very 
successful,  and  having  obtained  money  he  came  on  the 
street  and  opened  his  house.  His  specialty  is  foreign 
exchange,  in  which  he  does  a  very  heavy  business. 
He  deals  largely  in  railroad  securities,  and  the  house 
is  safe,  honorable,  and  successful. 

TREVOR    &    COLGATE. 

This  is  a  specie  house.  It  was  the  successor  of  Bee- 
be  &  Co.,  one  of  the  oldest  houses  in  the  city.  For 
many  years  it  was  the  only  all  bullion  house  in  New 
York.  Conducting  the  business  in  the  same  style  of 
their  predecessors,  Trevor  &  Colgate  added  to  the  gold 
trade  the  selling  of  all  kinds  of  stock.  The  house  has 
the  reputation  of  being  one  of  the  boldest  and  most 
daring  in  its  operations.  At  the  same  time  it  has  the 
reputation  of  being  prudent  and  safe.  The  house  is 
keen,  sharp,  and  far-sighted.  Having  made  an  im- 
mense fortune  in  successful  trade,  Trevor  &  Colgate 


408       MORRISON,  COXSr  CO.— HENRY  CLEWES  $>  CO. 

are  among  the  most  liberal  men  in  New  York.  Their 
donations  are  truly  princely.  The  superb  church  at 
Yonkers,  built  by  Mr.  Trevor  as  a  memorial  of  his  wife, 
and  costing  two  hundred  and  fifty  thousand  dollars, 
which  was  donated  to  the  society  of  which  Mrs.  Trevor 
was  a  member;  the  costly  and  elegant  theological 
building  at  Rochester ;  the  liberal  donations  to  Madison 
University,  of  which  Mr.  Colgate  is  a  trustee,  indicate 
but  very  feebly  the  extent  of  the  gifts  of  this  liberal 
house.  The  firm  in  benevolence  go  together.  Who- 
ever gets  ten  thousand  from  Mr.  Trevor,  gets  ten 
thousand  from  Mr.  Colgate. 

ROBINSON,    COX   &    CO. 

This  was  the  old  house  of  Drew  &  Robinson.  It 
has  been  for  years  one  of  the  heaviest  houses  in  New 
York.  It  has  been  marked  as  careful,  shrewd,  and 
reliable.  It  is  a  stock  house,  and  has  always  held,  and 
deservedly,  the  respect  of  the  street. 

HENRY    CLEWES    &    CO. 

Mr.  Clewes  began  business  in  this  city  as  a  dry 
goods  merchant.  He  was  connected  with  the  house 
of  Wilson  G.  Hunt  &  Co.  Active,  shrewd,  and  ener- 
getic, he  came  on  the  street,  and  has  made  his  mark* 
among  the  ablest  operators  of  the  day.  He  is  a  small 
man,  dark  complexioned,  about  forty  years  of  age, 
keen,  energetic,  and  resistless.  Mr.  Clewes  is  an  Eng- 
lishman, has  made  banking  his  study,  and  has  written 
some  very  able  articles  on  the  subject.  He  is  a  bold 
operator,  but  is  regarded  as  safe.  He  has  excellent 
judgment,    puts    his  banking   knowledge  to  a  good 


OSGOOD  .j-  BROTHER,  ETC.  409 

account,  and  shows  by  his  success  that  an  intelligent 
brain  is  a  good  capital. 

OSGOOD  &  BROTHER. 

Mr.  Osgood  could  hardly  fail  to  do  a  successful  busi- 
ness. He  is  the  favorite  son-in-law  of  Commodore 
Vanderbilt,  and  a  principal  operator  in  the  Vanderbilt 
stocks.  He  came  to  New  York  fifteen  years  ago,  from 
Baltimore,  and  set  up  the  banking  house  of  which  he 
is  the  head,  ten  years  ago.  He  has  made  a  princely 
fortune,  always  having  the  inside  of  movements  in  the 
Vanderbilt  stocks.  He  transacts  business  for  the  great 
company  known  as  the  Vanderbilt  Clique.  He  is 
sharp  and  shrewd  in  his  business,  a  keen  sportsman, 
values  a  fine  horse,  and  is  one  of  the  best  yachtmen  in 
America.  He  is  genial,  liberal,  and  companionable, 
and  entertains  his  friends  like  a  prince. 

DR.    SHELTON. 

Dr.  Shelton  is  a  heavy  operator.  He  is  a  well 
known  character,  and  is  a  chronic  Bear.  He  is  smart, 
shrewd,  and  acts  for  himself.  He  is  always  on  the 
Bear  side.  He  has  great  means,  his  purchases  are 
large,  and  following  the  chances  of  success  in  one  di- 
rection steadily  and  persistently,  he  has  rolled  up  a 
large  fortune.  He  is  nearly  sixty  years  of  age,  but 
follows  the  street  as  keenly  as  when  he  was  a  young 
man.  He  is  self-reliant,  and  trades  on  his  own  judg- 
ment. 

HALL,    GARTEN    &    CO. 

The  specialty  of  this  house  is  negotiating  commer- 
cial paper.     In  this  department  it  has  amassed  great 


410  EUGENE  KELLY  fr  CO. -LEES  fr  WALLACE. 

wealth.  Mr.  Garten  has  the  reputation  of  being  a 
high  minded,  clear  headed,  shrewd,  and  successful 
operator. 

EUGENE    KELLY    &    CO. 

Mr.  Kelly  commenced  business  in  California  in  the 
dry  goods  trade.  He  came  to  New  York  and  opened 
the  house  which  after  some  changes  in  the  name  be- 
came the  well  known  firm  of  Eugene  Kelly  &  Co. 
The  house  on  the  Pacific  coast  is  known  as  that  of 
Donahue  &  Co.  Mr.  Kelly  is  very  popular  on  the 
street,  and  his  house  has  great  repute  for  sterling  in- 
tegrity. 

LEES    &    WALLACE. 

This  house  is  celebrated  as  representing  the  Bank 
of  California,  at  San  Francisco,  the  great  moneyed 
power  of  the  Pacific  coast.  The  bank  has  five  millions 
capital  in  gold.  Of  this  bank  Mr.  Mills  is  President, 
and  Mr.  Rolston,  Cashier.  This  house  is  very  popular 
with  all  who  have  transactions  with  California,  and 
with  Californians  who  have  any  business  in  New  York. 
Mr.  Rolston,  tiie  cashier  of  the  Bank  of  California,  is 
well  calculated  to  make  himself  popular  with  New 
Yorkers  who  visit  the  Pacific  coast.  He  has  built  a 
country  seat  consisting  of  eighty  rooms,  furnished  after 
the  similitude  of  a  palace.  Here  he  entertains  all  who 
visit  the  bank  from  abroad  on  business,  and  entertains 
like  a  prince.  His  guests  have  reached  as  high  as 
forty  in  a  single  night.  His  house  and  all  that  is  in  it, 
except  himself,  are  placed  at  the  disposal  of  his  guests, 
who  can  if  they  will,  sit  up  all  night,  enjoying  the  fine 


DABNEY,  MORGAN  <j-  CO.— II.  A.  REISER'S  SOXS.      411 

fare  and  good  cheer.  At  ten  o'clock  he  comes  into 
the  room,  bids  his  guests  good  night,  and  retires.  At 
six  o'clock  he  rises,  goes  to  his  business,  and  leaves 
his  friends  to  disperse  when  they  get  ready. 

DABNEY,    MORGAN    &    CO. 

This  is  a  house  of  high  repute.  Mr.  Dabney  came 
to  New  York  from  Rhode  Island.  He  was  a  member 
of  the  house  of  Duncan,  Sherman  &  Co.,  which  he  left 
to  form  the  present  banking  house.  This  house  are 
agents  for  the  celebrated  banking  house  of  London — 
Morgan  &  Co.  It  is  also  agent  of  one  of  the  banks  of 
San  Francisco.  The  firm  have  a  house  in  Melbourne. 
The  success  of  the  house  in  San  Francisco  is  due  to 
Mr.  Latham,  United  States  Senator  from  California, 
who  is  pronounced  one  of  the  ablest  bankers  in  the 
States.  This  house  deals  largely  in  railroad  securities. 
In  London  it  has  been  very  popular  with  railroad  men 
and  railroad  contractors.  It  has  been  able  to  control 
an  immense  trade. 

HENRY    A.    HEISER'S    SONS. 

Mr.  Heiser  began  business  in  dry  goods.  lie  was 
in  the  well  known  firm  of  Charles  Heiser  and  Co. 
After  many  years  of  business,  reverses  came,  and  the 
house  failed.  Mr.  Heiser  came  to  the  street  as  a  dealer 
in  commercial  paper,  government  stocks,  and  gold. 
He  was  very  successful,  realized  a  fortune,  and  placed 
his  house  among  the  most  honorable  in  Wall  street. 
It  ranks  to-day  among  the  oldest  and  most  reliable 
stock  houses  in  the  city. 


412  MARTIN  BROTHERS,  ETQ. 


MARTIN   BROTHERS. 

This  house  is  an  illustration  of  an  old  firm  re-appear- 
ing under  a  new  name.  The  old  and  reliable  house 
of  C.  H.  Martin  &  Co.,  gave  over  its  business  to  Martin 
Brothers,  C.  H.  Martin  being  special  partner.  The 
capital  of  the  house  is  very  large,  and  it  maintains  its 
established  repute  for  caution  and  success. 

JOSEPH   MILLS. 

Mr.  Mills  began  life  in  a  small  way.  As  a  shipping 
merchant  he  early  secured  a  successful  California  trade. 
He  went  into  the  stock  business  as  a  Bear.  Believing 
that  to  be  the  successful  side,  he  has  adhered  to  it 
through  all  chances  and  changes,  and  has  made  a  great 
deal  of  money.  He  is  always  expecting  disaster,  pre- 
dicting a  panic,  and  watching  for  the  fall  in  prices.  He 
is  nearly  sixty  years  of  age,  but  as  keen,  sharp,  shrewd, 
and  active  as  when  he  was  thirty.  To  see  his  bland, 
open,  cheerful  face,  one  would  suppose  that  he  always 
operated  on  the  bright  side  of  things.  No  one  would 
imagine  that  a  man  with  so  cheerful  a  countenance 
could  carry  in  his  mouth  a  chapter  of  the  Book  of 
Lamentations. 

VERMILYE    &   BROTHER. 

This  is  a  very  old  and  a  very  successful  house.  It 
is  one  of  the  best  types  of  old  banking  New  York  that 
can  be  found.  On  the  street  it  is  regarded  as  a  con- 
servative house — this  is  its  peculiarity.  Nothing  rash, 
nothing  novel,  nothing  untried,  finds  favor  here.  Slow 
and  sure,  is  the  motto  that  governs ;  careful  and  pru- 


CLOSSON  fr  II A  YES.  413 

dent,  the  repute.  Content  to  earn  the  wealth  it  lias 
sought,  this  house  has  rolled  up  a  princely  fortune, 
and  has  attained  the  highest  rank  among  capitalists. 

CLOSSOX    &   HAYES. 

This  house  ranks  very  high.  It  is  distinguished  for 
having  as  members  the  sons  of  the  renowned  detective, 
Jacob  Hayes.  The  sons  are  millionaires,  and  among 
the  most  talented  business  men  on  the  street.  That 
terror  to  evil  doers — "  Old  Hayes,"  as  he  was  called — 
who  seemed  to  have  an  instinct  at  detecting  and 
catching  rogues,  was  a  devout  presbyterian,  and  a 
constant  attendant  and  officer  in  the  Scotch  Presbyte- 
rian Church  of  which  Dr.  McElroy  has  been  for  so 
many  years  pastor.  The  sound  and  wholesome  train- 
ing he  gave  his  boys  tells  well  in  the  rank  they  have 
assumed  among  the  eminent  and  successful  business 
men  of  New  York. 


XXXVII. 
WALL  STREET  DEVOTIONS. 

Cathedral  Service. — "Wall  Sreet  at  Prater. — Business  Men's  Prater 
Meeting. — Of  the  Meeting. — First  Meeting. — How  Things  Look  In- 
side.— Opposition. — Religious  Loafers. 

CATHEDRAL    SERVICE.       WALL   STREET    AT    PRAYER. 

Above  the  din  and  roar  of  the  street,  the  chimes  of 
old  Trinity  call  to  daily  prayer.  The  cathedral  is  open 
for  morning  and  evening  service.  The  attendance  is 
not  always  large,  but  always  interesting.  Many  emi- 
nent men  and  prominent  capitalists  on  the  street  pause 
on  their  way  down  to  business  and  bow  in  prayer, 
before  the  day's  turmoil  commences.  The  gates  of  the 
sanctuary  stand  wide  open,  and  all  who  will,  enter. 
Some  one  of  the  eminent  ministers  of  the  parish  pre- 
sides daily  at  the  altar.  On  saints'  days  and  other  festi- 
vals of  the  church,  a  full  choral  service  is  performed,  and 
every  thing  that  can  properly  be,  is  chanted,  with  the 
psalter  and  the  creed.  The  organist  wears  a  black 
gown  and  moves  inside  the  chancel  rail,  followed  by 
forty  or  fifty  men  and  boys  in  white  surplices.  The 
whole  is  attractive,  and  there  is  no  better  church  music 
outside  of  St.  Peter's  at  Rome.  Sixty  years  ago,  there 
was  no  chanting  in  any  Protestant  church  in  the  land 
The  old  organist  still  lives  who   introduced  the  first 

(414) 


BUSINESS  MENS  PRAYER  MEETING.  415 

chant  into  one  of  the  chapels  of  old  Trinity.  The  in- 
novation was  very  unpopular,  and  the  music  pronounced 

not  only  outlandish,  but  "Popish."  A  formal  demand 
was  made  upon  the  Bishop  that  chanting  should  be 
suppressed.  Bishop  Hobart  declined  to  interfere. 
The  organist  had  it  his  own  wav,  and  chants  became 
popular. 

BUSINESS    HEN'S    PRAYER    MEETING. 

A  little  way  from  Wall  Street  is  another  daily  prayer 
meeting,  very  unlike  the  prayer  meeting  at  Trinity. 
It  is  held  at  the  hour  of  noon  in  a  church  edifice  over 
a  hundred  years  old.  The  corporation  of  this  church 
was  the  first  religious  society  founded  on  the  island  of 
Manhattan.  The  church  edifice  was  dedicated  seven 
years  before  the  declaration  of  Independence  was 
signed.  The  church  was  used  as  a  prison  by  the  Brit- 
ish in  the  Revolutionary  War,  and  the  cannon  planted 
by  the  door-way,  and  the  marks  of  bayonets  and  pikes 
on  the  sand  stone  still  remain.  In  this  old  church,  one 
of  the  most  interesting  religious  gatherings  can  be  seen 
daily.  For  twelve  years,  at  the  hour  of  noon,  bank- 
ers, brokers,  speculators,  merchants,  expressmen,  arti- 
sans and  capitalists,  have  gathered  here  for  prayer. 
Curbstone  brokers  and  omnibus  starters  sit  side  by 
side  ;  men  in  broadcloth,  and  men  in  frocks ;  well-to- 
do  merchants  with  gold  headed  canes,  and  cartmen  and 
draymen  with  whips  in  their  hands;  ladies  in  the  height 
of  fashion,  domestics  of  the  upper  class,  and  servants 
in  the  most  common  garb  of  their  calling ;  missiona- 
ries from  the  habitations  of  cruelty  ;  dwellers  from  be- 
yond the  sea,    and   inhabitants    of  the  islands  of  the 


416  OF  THE  MEETING. 

ocean ;  representatives  of  every  nationality  and  clime, 
here  meet.  This  devotional  service  is  a  Union  Meet- 
ing, and  a  union  meeting  simply  for  prayer.  Busi- 
ness, politics,  and  sectarian  views  are  rigidly  excluded. 
Side  by  side  can  be  found  clergymen  and  laymen,  pre- 
senting the  extremes  of  protestant  descent,  the  stately 
churchman,  the  conservative  Dutchman,  the  progres- 
■  sive  congregationalist,  the  quiet  Friend,  the  impulsive 
baptist,  the  staid  presbyterian,  join  in  song,  prayer 
and  remark ;  the  hearty  amen  ringing  through  the 
room,  indicates  that  the  Methodist  element  is  not  want- 
ing. The  room  is  very  unlike  Trinity.  It  is  as  plain 
as  a  barn.  There  is  no  choir,  no  instrument  of  music, 
but  the  singing  is  congregational,  and  that  of  the  type 
usually  designated  as  revival  music.  A  plainly  dressed 
business  man  presides,  and  the  whole  is  as  democratic 
as  can  well  be  conceived. 

OF    THE    MEETING. 

In  1857  there  was  a  general  revival  of  religion. 
The  lower  part  of  the  city  had  become  a  moral  waste. 
Trade  and  a  foreign  population  had  taken  possession 
of  the  city  below  the  City  Hall.  The  dwellings  where 
the  rich  men  at  one  time  resided  were  pulled  down  to 
make  room  for  stores.  The  dwellings  that  remained 
were  either  boarding-houses,  or  occupied  by  a  tenant 
population.  The  pulpits  in  which  the  giants  of  New 
York  had  preached  the  gospel  were  no  more.  Spring, 
Mason,  Potts,  Phillips,  Alexander,  and  others,  removed 
to  other  parts  of  the  city.  Lower  New  York  was 
deserted.  The  Old  North  Church  remained.  It  was 
put  in  complete  and  elegant  repair.     A  learned  and 


OF  Til.:  UEEETINQ.  417 

eloquent  mini-try  occupied  the  pulpit.  The  house 
thrown  open  to  all  who  chose  to  worship  God  within 
its  walls.  It  secured  a  missionary,  in  the  person  of 
Jeremiah  Calvin  Lanphier,  a  man  of  rare  and  peculiar 
gifts,  of  unshrinking  courage,  and  marked  piety.  He 
was  not  far  from  forty  years  of  age,  tall,  and  of  a  fine 
presence,  a  winning  Dice,  and  a  manner  affectionate 
and  attractive.  He  possessed  great  energy  and  per- 
severance, was  a  fine  singer,  gifted  in  prayer  and  ex- 
hortation, easy  of  approach,  and  a  welcome  guest  to 
any  house  ;  very  shrewd,  and  j:>ossessing  tact,  with 
good  common  sense,  he  was  eminently  fitted  for  the 
position  he  was  called  to  fill.  Anxious  to  be  a  blessing 
to  the  poor,  the  neglected,  and  the  perishing,  he  was 
equally  anxious  to  reach  the  merchants  of  New  York, 
and  lay  his  hand  in  kindness  on  young  men  in  busi- 
ness. 

Walking  in  the  street  one  day,  this  idea  suggested 
itself:  Why  not  have  a  meeting  of  prayer  for  business 
men,  at  the  hour  of  noon  when  all  go  to  lunch,  made 
up  of  singing,  prayer,  and  speaking,  allowing  persons 
to  come  and  go  during  meeting  as  they  please  ?  He 
had  been  a  merchant,  and  knew  how  difficult  it  was  to 
attend  a  devotional  meeting  in  the  evening.  The 
hour  of  noon  was  one  of  leisure  for  merchants,  clerks, 
draymen,  and  men  of  toil.  He  resolved  to  open  a  daily 
meeting  of  prayer  from  twelve  to  one ;  a  union  meet- 
ing, free  from  sectarianism,  from  which  the  cold  and 
formal  routine  of  prayer-meetings  should  be  banished  ; 
made  up  of  brief  songs,  brief  prayers,  and  brief  ad- 
dresses. No  one  should  be  allowed  to  speak  over  five 
minutes.  No  controverted  or  doctrinal  points  should 
27 


418  FIRST  MEETING. 

be  introduced.  No  one  should  be  obliged  to  stay  a 
moment  longer  than  he  chose.  Parties  could  come 
in  and  go  out  at  any  moment  without  interrupting  the 
meeting.     Such  was  the  plan. 

FIRST    MEETING. 

On  the  27th  clay  of  November,  1857,  the  small  con- 
gistory-room  connected  with  the  North  Dutch  Church 
was  thrown  open  for  service.  At  twelve  o'clock  no 
one  was  present  but  the  missionary.  He  sat  alone  one 
half  hour.  A  solitary  step  was  then  heard  on  the 
stairs,  and  a  person  entered  the  room.  All  told,  six 
persons  composed  the  little  company.  The  next  day 
twenty  persons  gathered ;  the  next,  forty.  In  October 
the  central  room  of  the  consistory  building  was  opened, 
and  from  that  time  to  this,  for  more  than  ten  years,  tie 
meetings  have  been  continued  with  unabated  zeal, 
ever  the  fullest  and  most  remarkable  prayer-meeting 
in  the  world. 

HOW   THINGS    LOOK    INSIDE. 

There  is  no  plainer  room  in  New  York  than  the 
lecture-room  of  the  Dutch  Church  where  the  daily 
prayer-meeting  is  held.  It  is  in  the  second  story  of 
the  consistory-rooms  on  Fulton  Street.  The  walls  are 
covered  with  gilt  frames,  holding  the  rules,  mottoes,  and 
notices.  The  seats  are  hard,  crowded  together  to  make 
room,  and  are  very  uncomfortable.  The  surroundings 
are  unattractive,  and  little  suited  to  devotion.  In  the 
centre  of  the  busiest  portion  of  New  York  the  prayer- 
meeting  is  held.  The  bells  of  the  horse  cars,  the  shouts 
of  carmen,  the  noise  of  artisans,  the  hammer  and  saw 


now  mixes  look  inside.  419 

of  the  carpenter,  the  whistle  of  the  steam-engine,  the 
blowing  off  of  steam,  with  other  noises  of  busy  life, 
come  directly  into  the  room.  The  singing  is  congrega- 
tional, without  instrument  or  artistic  attraction.  Old 
tunes,  revival  tunes,  and  experimental  hymns,  arei 
sung.  The  missionary  who  originated  the  meeting 
has  conducted  its  music  for  ten  consecutive  years.  At 
twelve  precisely  the  leader  rises  and  gives  out  a  hymn. 
This  is  a  business  men's  meeting,  and  a  layman  usually 
presides.  He  may  be  educated  or  illiterate  ;  dressed 
as  a  merchant  or  as  a  carman.  Perhaps  he  may  be  an 
old  man,  with  his  hair  frosted  by  years  ;  he  may  be  a 
young  man,  just  commencing  a  Christian  life  ;  but  he 
is  a  warm-hearted  Christian.  Before  the  meeting 
closes  the  room  will  be  packed.  Earnest  men  and 
women  will  fill  all  the  standing  room.  Every  denomi- 
nation is  here  represented.  Men  come  from  the  sea, 
from  the  mountains  of  Asia,  from  the  hot  sands  of 
Arabia,  from  India,  from  the  Old  World,  and  all  parts 
of  the  New.  This  daily  meeting  is  the  Religious  Ex- 
change of  New  York.  Eminent  men.  clerical  and  lay, 
from  all  parts  of  the  country,  and  of  the  world ;  emi- 
nent ministers,  lawyers,  merchants,  look  in  on  the 
meeting.  They  bring  tidings  from  every  part  of  Zion. 
Those  who  want  to  see  and  hear  distinguished  men, 
know  they  will  find  them  in  this  place  of  prayer. 
Earnest  prayers  are  offered,  the  swelling  chorus  of 
song,  thanksgivings  for  remarkable  answers  to  prayer, 
make  the  hour  all  too  short.  Requests  for  prayer 
come  in  from  all  the  world,  covering  every  variety  of 
want  and  suffering  peculiar  to  humanity.  The  tone 
of  the  requests    shows    that  the    writers    regard    the 


420  OPPOSITION. 

Fulton  Street  meeting  as  the  pool  of  healing  to  the 
Evangelical  Church. 

AN   INSIDE   VIEW. 

The  room  is  reached  from  Fulton  or  Ann  Streets,  up 
a  covered  pathway.  The  floor  is  covered  with  matting, 
the  room  filled  with  settees.  The  missionary  stands 
at  the  door,  and  with  his  tiptoe  tread,  bland  face,  and 
resolute  will,  makes  the  ladies  move  up  and  sit  close. 
Precisely  on  the  minute  the  service  is  opened.  Such 
congregational  singing  would  be  popular  anywhere. 
The  audience  is  trained  to  sing,  being  composed  of  the 
cream  of  the  churches.  The  tunes  are  familiar,  and 
the  hymns  are  associated  with  the  heart's  warmest 
affections.  Borne  on  the  tide  of  full,  warm,  and  deep 
emotion,  the  swelling  song  of  praise  is  wafted  to 
heaven.     The  reading   of   the   requests   follows,  and 

OPPOSITION. 

"  Seven  cities  fought  for  Homer  dead, 

Through  which  the  living  Homer  begged  his  bread." 

This  meeting  now  so  popular,  encountered  the 
fiercest  opposition  at  the  start.  The  Missionary  was 
opposed  at  every  point.  It  was  said  that  nobody 
would  attend  a  daily  meeting ;  it  would  not  do  to 
have  persons  going  in  and  out,  whenever  they  pleased. 
It  was  a  question  whether  laymen  ought  to  be  allowed 
to  take  part  in  the  meeting.  The  Church  Master  who 
had  control  of  the  building,  refused  to  have  it  opened 
for  the  purposes  of  daily  prayer.  When  a  #reluctant 
consent  was  given,  it  was  expressly' stipulated  that  the 
collegiate  church  should  not  be  named  in  connection 
with  it,  and  should  undertake  no  responsibility  for  the 
meeting.     That  same  church  is  only  too  proud  to  be 


OPPOSITION .  421 

identified  with  this  very  successful  devotional  move- 
ment, and  strenuous  efforts  have  been  made  to  rob  Mr. 
Lamphier  of  the  honor  of  originating  this  peculiar 
gathering  for  daily  prayer.  The  meeting  is  not  with- 
out its  annoyances. 

Men  who  have  hobbies  to  ride  often  annoy  the 
meeting.  Men  with  impracticable  theories  persist 
in  presenting  them.  Sometimes  men  who  have  ora- 
tory in  prayer  come  with  high-sounding  phrases, 
pompous  words,  colloquial  addresses,  to  the  King  of 
kings,  and  are  an  abomination.  Sometimes  women 
try  to  speak.  This  is  contrary  to  the  rules.  One 
day  a  lady  arose  to  make  an  address.  She  was  in- 
formed that  it  was  against  the  rules,  and  immediately 
she  sat  down.  A  tall,  masculine  woman  arose,  and 
in  a  tone  of  marked  anger,  with  a  loud,  harsh  voice, 
and  a  decided  Scotch  accent,  cried  out,  "HI  not 
attend  this  meeting  again.  I  am  a  converted  woman 
myself.  If  our  sister  is  not  allowed  to  speak,  the 
Spirit  of  God  is  not  here.  I  am  a  converted  woman. 
I  say  that.  But  I'll  not  come  here  again ! "  and 
she  flounced  out  of  the  room.  Men  have  attempted, 
over  and  over  again,  to  change  the  tone  of  the 
meeting.  Impulsive  men  have  tried  to  break  the 
rules;  have  appealed  from  the  ruling  of  the  leader 
to  the  audience ;  votes  have  been  taken ;  people  have 
tried  to  sell  books,  build  churches,  and  beg  money 
out  of  the  meeting.  To  all  this  one  answer  has 
been  steadily  given :  *  This  is  a  Union  prayer-meeting. 


422  RELIGIOUS  LOAFERS. 


RELIGIOUS   LOAFERS. 

Not  the  least  troublesome  are  the  class  known  as 
religions  loafers.  There  is  not  a  city,  probably,  in  the 
Union,  where  there  is  so  large  a  class  of  professional 
loafers  as  in  New  York.  Trinity  church  is  kept  open 
through  the  entire  day  to  visitors.  Parties  accustomed 
to  call  there  will  see  the  same  faces  day  after  clay. 
The  protection  from  storm  and  sun  in  the  summer,  and 
the  warm,  genial  air  in  the  winter,  make  it  an  attract- 
ive place.  In  the  pews,  parties  can  be  found  asleep, 
reading  papers  or  books,  or  munching  their  luncheon. 
Women  nurse  their  children,  and  make  themselves  com- 
fortable there.  This  is  especially  noticeable  at  the 
Fulton  street  daily  meeting.  The  main  part  of  the 
meeting  is  composed  of  crisp,  energetic,  interested 
persons,  strangers  from  all  parts  of  the  earth,  business 
men,  who  run  in  and  out,  and  eminent  clergymen. 
The  rank  and  file  of  loafers  are  very  large — the  same 
men  in  the  same  places,  men  with  nowhere  to  go  and 
nothing  to  do,  who  bring  their  luncheon,  and  pass  the 
time  in  eating  and  sleeping,  while  the  service  is  going 
on.  Many  of  these,  who  are  welcome  nowhere  as 
speakers,  embrace  the  freedom  of  the  place  to  have  a 
five  minutes'  talk.  The  same  set  of  men  attend  reg- 
ularly the  afternoon  daily  meeting  at  the  Association 
Rooms.  Like  Jack  in  the  1>ox,  when  the  cover  is 
removed,  they  are  always  on  their  feet  when  there  is 
a  chance. 


XXXVIII. 
JAY  COOKE. 

His  Ancestry. — Commences  Banking  at  Seventeen. — Jay  Cooke  &  Co.— 
Negotiates  the  War  Loan.— Mr.  Cooke  in  his  Country  Home  and  as 
a  Man  of  Benevolence. 

Alexander  Hamilton  touched  the  lc  dead  corpse  of 
public  credit,"  and  it  arose  to  its  feet.  Robert  Morris 
took  the  financial  burden  of  a  young  republic  on  his 
shoulders  and,  though  he  bankrupted  himself,  saved 
the  national  honor.  Jay  Cooke  completes  the  trium- 
virate, and  his  name  will  be  imperishably  identified 
with  the  great  financial  men  who  came  to  the  rescue 
of  the  nation,  in  a  great  financial  crisis,  and  preserved 
the  government  from  impending  ruin.  Mr.  Cooke 
came  prominently  to  the  surface,  during  our  late  civil 
war.  The  war  found  us  without  men,  without  an 
army  or  navy,  without  officers  or  military  equipments 
and  without  money.  The  expenses  of  government  ap- 
proached three  millions  a  day.  The  vortex  of  national 
bankruptcy  stood  open,  and  financial  ruin  seemed  in- 
evitable. The  common  necessaries  of  life  were  exor- 
bitantly high,  and  a  paper  dollar  was  worth  only 
thirty-six  cents  in  coin.  Friends  of  the  government 
were  despondent,  and  the  financial  Secretary  of  the 
nation  in  despair.  The  man  for  the  times  appeared  in 
the  person  of  Jay  Cooke.     He  possessed  the  amount  of 

(423)    > 


424  HIS  ANCESTRY. 

enterprise,  financial  skill,  and  credit  which  the  exi- 
gency demanded.  He  proposed  to  negotiate  and  sell 
for  the  government  five  hundred  millions.  The  very- 
proposal  staggered  the  world.  He  undertook  this 
work  for  a  totally  inadequate  compensation.  Had  he 
failed  in  the  task,  like  Morris,  he  would  have  been 
utterly  ruined  financially.  He  accomplished  the  work 
heroically,  patriotically,  and  in  a  business  like  manner 
that  placed  him  at  the  head  of  the  financiers  of  the  age. 
Having  disposed  of  five  hundred  millions  to  meet  the 
pressing  necessities  of  the  Treasury,  he  disposed  of 
eight  hundred  and  thirty  millions  more. 

HIS    ANCESTRY. 

The  family  from  which  Mr.  Cooke  descended, 
landed  on  Plymouth  Rock  and  built  the  third  house 
in  Plymouth.  Mr.  Cooke  was  born  in  Sandusky,  Ohio. 
His  father  had  an  unpronounceable  Christian  name. 
He  once  lost  a  seat  in  Congress  from  the  inability  of 
voters  to  spell  his  name  correctly.  He  gave  his  son 
a  name  that  people  would  have  no  difficulty  in  writing 
correctly.  He  called  him  Jay,  after  the  Chief  Justice 
of  the  United  States.  The  father  and  mother  under- 
took the  education  of  their  son.  Returning  from  Con- 
gress in  a  time  of  general  financial  pressure,  Mr.  Cooke 
found  his  affairs  embarrassed,  and  announced  to  his 
children  that  they  must  look  out  for  themselves — he 
had  nothing  for  them.  Jay  resolved  to  be  a  burden 
to  no  one.  He  went  into  a  store,  and  secured  employ- 
ment as  a  clerk.  He  mastered  the  business,  became  a 
proficient  in  mathematical  and  mercantile  knowledge 
and  in  book-keeping.     He  was  no  drone,   and  ate  no 


COMMENCES  BANKING  AT  SEVENTEEN,  ETC.       425 

idle  bread.  His  leisure  moments  were  employed  in 
study.  Ignorant  of  the  future,  he  resolved  to  prepare 
himself  for  any  field  that  might  open  for  his  talents. 

COMMENCES   BANKING    AT    SEVENTEEN. 

The  banking  house  of  E.  W.  Clark  &  Co.,  of  Phila- 
delphia, received  young  Jay  when  he  was  seventeen 
years  of  age,  for  the  purpose  of  thoroughly  training 
him  as  a  banker.  He  answered  the  most  sanguine 
expectations  of  his  friends.  He  became  a  partner  of 
the  house — then  the  leading  banking  house  in  the 
country, — and  for  twenty-five  years  was  actually  its 
manager  and  head.  When  nineteen  years  of  age,  Mr. 
Cooke  wrote  the  first  money  article  ever  published  in 
Philadelphia.  Retiring  from  the  firm  of  E.  W.  Clark 
&  Co.,  with  a  fortune,  it  was  Mr.  Cooke's  purpose  to 
take  life  quietly,  and  withdraw,  in  a  measure,  from 
active  business.  But  it  is  impossible  for  such  a  man  to 
hide  his  talent  in  a  napkin.  His  financial  operations 
continued  to  be  extensive,  and  he  negotiated  large 
loans  for  railroads  and  other  corporations. 

JAY    COOKE    &    CO. 

The  banking  house  of  Jay  Cooke  &  Co..  which  stands 
on  Wall  Street,  corner  of  Nassau,  originated  in  1861. 
It  consisted  of  Mr.  Cooke  and  his  brother-in-law,  Wil- 
liam G.  Morehead,  one  of  the  most  successful  railroad 
operators  in  the  country.  The  purpose  of  Mr.  Cooke 
and  his  partner,  was  to  provide  business  for  their  sons. 
In  1861  the  house  was  located  in  Philadelphia. 


426  NEGOTIATES  THE  WAR  LOAN. 


NEGOTIATES   THE    WAR   LOAN. 

The  war  loan  of  millions  of  the  State  of  Pennsylva- 
nia, was  negotiated  by  Jay  Cooke  &  Co.,  at  par,  in  a 
time  of  great  financial  and  commercial  depression.  The 
Government  was  about  to  place  its  first  loan  on  the 
market.  Mr .  Cooke  immediately  obtained  a  large  list 
of  subscribers,  and  without  a  cent  of  cost  to  the  Gov- 
ernment, sent  them  on  to  Washington.  The  success 
of  the  state  loan  attracted  the  attention  of  the  Gov- 
ernment to  Mr.  Cooke,  and  he  was  selected  to  nego- 
tiate the  five  hundred  millions  of  five-twenty  bonds 
just  authorized  by  Congress.  The  associated  banks 
could  not  afford  the  Government  relief.  From  four 
hundred  special  agents  connected  with  the  most  promi- 
nent banking  institutions  in  the  country,  only  thirty 
millions  were  secured,  and  one-third  of  this  sum  was 
returned  by  Mr.  Cooke.  The  pressing  needs  of  the 
government  demanded  some  bold  and  daring  blow. 
Mr.  Cooke  was  selected  as  the  agent  to  sell  the  loans. 
With  the  skill  and  daring  heroism  of  a  general  planning 
a  campaign,  he  organized  his  work.  The  risks  were 
frightful.  A  bolder,  a  more  daring  monetary  operation 
was  never  known.  The  history  of  the  gigantic  finan- 
cial operations  of  the  Rothschilds  furnishes  no  parallel. 
The  compensation  seemed  puerile.  Five-eighths  of, 
one  per  cent,  was  all.  This  covered  all  moneys  paid  to 
assistants,  all  remuneration  for  responsibility  assumed, 
for  labor,  postage,  clerks,  and  expenses.  If  the  loan 
failed,  nothing  was  to  be  paid.  The  government  took 
no  risks,  and  a  failure  would  have  swept  away  the 
entire  fortune  of  Mr.  Cooke.     He  threw  his  whole  soul 


NEGOTIATES  TUK    WAR  LOAN.  427 

into  the  work.  He  spent  over  half  a  million  of  his  own 
fortune  before  a  bond  was  sold.  He  created  a  public 
sentiment  in  favor  of  the  loan,  and  made  friends  with 
workmen,  formers,  seamstresses,  and  domestics.  The 
loan  was  made  accessible  and  attractive  to  all  classes. 
The  country  was  flooded  with  advertisements,  and 
thousands  of  miles  of  fence  bore  placards  setting  forth 
the  plan  of  the  investment  and  the  claims  of  the  gov- 
ernment. Others  were  despondent.  Croakers  were 
numerous.  The  failure  of  the  scheme  and  the  ruin 
of  Mr.  Cooke  were  predicted, — but  Mr.  Cooke's 
faith  was  unblenching — his  countenance  was  always 
cheerful,  his  heart  sunny,  and  his  confidence  in  the 
loyalty  of  the  nation  unwavering.  The  success  of  the 
scheme  the  world  knows  by  heart. 

Under  Mr.  Fessenden,  gold  rose  in  fifteen  days  from 
88  to  105  per  cent.  An  outcry  was  raised  against  the 
government,  for  bankruptcy  was  feared.  The  Secre- 
tary of  the  Treasury  turned  to  Mr.  Cooke  to  help  him 
in  the  dark  hour  that  lowered  on  the  nation.  Mr. 
Cooke  had  been  shabbily  treated  by  the  Treasury  De- 
partment. The  commission  paid  was  a  very  small 
one,  at  most.  Through  his  agents,  and  his  own  super- 
human efforts  the  sale  of  5.20  bonds  were  solely  due. 
So  great  was  the  rush  for  bonds,  when  the  nation  was 
fairly  awakened,  that  Mr.  Cooke  gave  notice  of  the 
day  and  hour  when  the  sale  would  cease.  After  the 
five  hundred  millions  were  taken,  money  poured  in  so 
largely  that  Mr.  Cooke  was  obliged  to  offer  fourteen 
millions  beyond  the  amount  authorized.  Yet  Mr. 
Chase  refused  to  pay  Mr.  Cooke  a  commission  on  any 
sales  made  by  sub-agents,  who  had  applied  directly  to 


428  MR.  COOKE  IN  HIS  COUNTRY  HOME. 

the  Treasury  for  their  bonds.  Mr.  Cooke  would  have 
been  justified  in  allowing  the  government  to  take  care  of 
itself  in  the  new  crisis  in  which  it  was  involved.  But 
not  so.  He  came  to  the  rescue  as  he  did  in  the  earlier 
time.  He  reorganized  his  army  of  sub-agents.  The 
press  teemed  with  the  value  of  the  7.30  bonds.  By  this 
time  his  fame  had  extended  to  Europe,  and  two  hund- 
red millions  were  disposed  of  in  that  market.  Through 
his  agency,  the  government  bonds  were  as  regularly 
called  at  the  great  financial  centres  of  the  world,  as 
were  those  of  England,  France,  or  Prussia.  In  less  than 
a  year,  eight  hundred  and  thirty  millions  were  sold. 

MR.    COOKE    IN   HIS    COUNTRY    HOME. 

Few  men  know  as  well  how  to  earn  and  how  to 
enjoy  a  fortune  as  does  Mr.  Cooke.  He  has  an  elegant 
country  seat  on  an  island  in  Lake  Erie,  amid  the  scenes 
of  his  early  years,  where  he  formed  the  resolution  to 
battle  life  for  himself,  and  where  he  determined  to  be 
dependent  on  no  one  for  his  support.  Here,  he  dis- 
penses a  liberal  hospitality,  and  receives  and  entertains 
his  friends.  During  the  last  summer,  he  invited  mis- 
sionaries on  small  pay,  and  clergymen  with  small 
salaries,  to  visit  his  island  home,  and  recreate  during 
the  heat  of  summer.  He  paid  all  the  expenses  of  the 
visit — placed  his  house,  his  library,  horses,  carriages, 
and  boats,  at  the  disposal  of  his  guests,  and  left  them  to 
enjoy  themselves.  When  they  departed,  he  gave  each 
guest  a  sum  of  money.  Almost  literally  obeying  the 
command  of  the  Saviour,  to  call  in  the  poor,  the  halt, 
the  maimed  and  the  blind  to  a  feast,  for  such  cannot 
repay.     Mr.  Cooke's  benefactions  during  the  war  were 


Mil.  COOKE  IN  HIS  COUNTRY  HOME.]  429 

very  large.  An  earnest  and  decided  Christian,  lie  is  a 
princely  contributor  to  the  church.  Few  have  exceeded 
him  in  lavish  donations  to  colleges  and  educational 
institutions.  He  has  builded  several  churches  and 
religious  institutions  with  his  own  funds.  His  princely 
mansion  on  Chelton  Hills,  near  Philadelphia,  is  ele- 
gantly arranged,  and  all  who  visit  him  are  sure  of  a 
cordial  welcome.  His  banking  house  in  Wall  Street 
is  one  of  the  finest  establishments  in  that  famed  locality. 
His  success  as  a  financier,  his  vigor,  indomitable  indus- 
try and  personal  attention  to  business,  with  his  high 
toned  character  and  unfaltering  integrity,  secure 
him  a  large  and  lucrative  patronage. 


XXXIX. 
RUFUS  HATCH. 

The  house  of  Rufus  Hatch  &  Co.  is  one  of  the  lead- 
ing establishments  of  Wall  street.  The  head  of  the 
house  is  the  best  known  broker  on  the  street.  He  left 
his  Eastern  home  at  twenty  years  of  age,  to  try  his 
fortune  in  the  West.  He  was  one  of  the  fourteen  men 
who  stuck  their  spades  in  the  gravel  and  turned  the 
sod  for  the  first  railroad  in  Wisconsin.  He  removed 
to  Chicago  in  1854,  and  became  a  prominent  commis- 
sion merchant.  The  house  failed,  and  Mr.  Hatch  as- 
sumed the  debts  of  the  firm.  He  came  to  New  York 
in  1862,  with  a  borrowed  capital  of  two  thousand  dol- 
lars, and  with  debts  of  eighty  thousand.  He  opened 
a  commission  house  under  the  firm  of  Hatch  &  Hughs. 
In  1866  the  now  well  known  house  of  Rufus  Hatch 
&  Co.  was  established.  The  house  came  prominently 
into  notice  in  1867.  Mr.  Hatch,  though  a  young  man, 
attempted  to  obtain  control  of  the  North-western  Road. 
It  was  a  bold  stroke,  as  the  capital  stock  reached  the 
high  figure  of millions.  To  accomplish  his  pur- 
pose he  visited  Chicago,  carrying  with  him  a  million- 
three  hundred  thousand  in  proxies.  He  lost,  and  was 
laughed  at  for  his  efforts.  The  Board  said  to  him, 
"  Young  man,  you  had  better  go  to  New  York  and 

(430) 


RUFUS  HATCH.  431 

grow/1     Mr.  Hatch  replied,  "  Gentlemen,  I  will  make 

you  another  call."     He  did  so,  when  he  was  able  to 
control  the  road. 

I  have  alluded  in  another  paper  to  the  great  success 
of  Henry  Keep  in  the  pools  that  he  controlled,  espe- 
cially the  famous  North-west  pool.  The  boldness  and 
success  of  that  movement  was  principally  due  to  Mr. 
Hatch,  who  managed  the  whole  affair.  He  bought 
the  first  ten  thousand  shares  that  made  the  movement 
a  success.  Mr.  Hatch  divided  among  the  associates  in 
that  pool,  as  profits,  the  sum  of  two  hundred  and  twenty- 
five  thousand  dollars.  He  is  nowr  one  of  the  boldest  and 
most  gigantic  of  street  operators.  He  adopts  the  old 
style  of  dress,  wearing  a  white  neck-cloth,  and  resem- 
bles a  clergyman  in  his  general  appearance.  His  hair 
is  light,  and  his  voice  low  and  silvery.  There  is  an 
air  of  sincerity  about  his  conversation  that  is  very  at- 
tractive and  winning.  He  is  one  of  the  most  liberal 
of  men.  He  supports  from  twenty  to  thirty  suffering 
families  yearly,  and  his  donations  to  every  good  cause 
are  very  large.  A  friend  had  a  horse  that  Mr.  Hatch 
greatly  admired,  that  was  known  as  "Lew  Petty.'1  One 
day  the  gentleman  came  into  Mr.  Hatch's  office,  and 
told  him  that  he  was  going  to  Europe,  and  proposed 
to  present  him  with  Lew  Petty,  which  he  hoped  Mr. 
Hatch  would  accept.  Mr.  Hatch  thanked  him,  and 
the  parties  separated.  On  his  return  from  Europe 
the  gentleman  called  on  Mr.  Hatch  to  enquire  after 
the  horse.  Mr.  Hatch  presented  him  with  a  check  for 
ten  thousand  dollars.  Not  to  be  outdone  in  generos- 
ity the  broker  purchased  a  little  stock  for  his  friend. 
The  investment  yielded  the  handsome  sum  named. 


XL. 
GENERAL  H.  H.  BAXTER. 

<l  The  finest  looking  man  in  New  York." — His  early  career. — His 
success  in  Wall  street.  —  His  identification  with  great  Rail- 
road interests. — His  Benevolence,  and  his  vitality,  etc. 

A  fortune  is  made  in  Wall  street  as  the  battle  of 
Waterloo  was  gained  by  Wellington — by  indomitable 
endurance.  Impatient  troops  begged  to  be  thrown 
into  the  fight.  They  stood  by  the  hour,  the  centre  of  a 
deadly  cannonade.  The  sullen  order  was  repeated  by 
the  hour,  u  close  up,  close  up,"  as  the  ranks  were 
thinned  and  cut  down  by  the  murderous  fire.  The 
iron  Duke  rode  along  the  lines,  calming  the  impatient 
troops  with  the  utterance — "  Steady,  boys,  steady — 
be  patient;  not  yet — wait."  When  the  right  time 
came  the  Duke  gave  the  order — not  the  unsoldierlike 
command,  "  Up  guards  and  at  them,"  but,  as  the  Duke 
himself  expresses  it,  the  military  order,  "Let  the 
column  advance."  This  is  the  law  of  success  on  the 
street.  Cool,  cautious,  far-seeing  men,  who  can  wait 
as  well  as  do,  secure  the  glittering  prize.  The  late 
Henry  Keep,  to  whom  I  have  alluded  in  another  paper, 
whose  success  was  remarkable,  and  whose  integrity 
and  honor  were  without  a  stain,  told  a  friend  a  short 
time  before  he  died,  that  one  of  the  elements  of  his 

(432) 


GENERAL  II.  II.  BAXTER.  433 

success  was  this— he  never  bought  from  impulse,  never 
invested  unless  he  was  certain  the  market  was  right, 
and  that  he  never  allowed  the  excitement,  flurry,  and 
panic  of  the  street  to  control  his  judgment.  He  men- 
tioned an  instance  :  when  he  boarded  at  the  St.  Nich- 
olas he  walked  down  to  his  office  and  back  every  day — 
he  had  thousands  in  the  bank  unemployed,  yet  he 
waited  five  months  before  he  invested  a  dollar,  watch- 
ing the  street  every  day,  and  finding  no  opening  that 
his  judgment  approved.  He  was  trusted  beyond  most 
men,  and  few  understood  where  his  financial  strength 
lay — but  it  was  found  in  his  heroic  endurance. 

There  is  a  long  line  of  men  who  have  bought  and 
sold  stocks  for  years,  and  whom  the  street  has  not  de- 
moralized. High  minded,  honorable,  truthful,  and 
liberal,  their  integrity  is  as  sterling  as  gold.  These 
men  differ  from  men  in  all  other  branches  of  trade,  in 
this,  that  when  they  give  each  other  their  confidence, 
it  is  without  reserve.  A  distinguished  capitalist  the 
other  day  left  five  hundred  thousand  dollars  with  his 
banker.  He  not  only  took  no  security,  but  he  did  not 
take  a  receipt.  There  is  no  other  branch  of  business 
in  the  country  in  which  that  would  be  done; — neither 
Stewart,  Claffiin,  nor  any  other  dry  goods  house  in 
New  York,  would  place  even  one  hundred  thousand 
dollars  worth  of  goods  in  each  other's  stores,  without 
all  the  guarantees  the  law  allows.  "When  a  mercantile 
house  fails  it  makes  the  best  settlement  with  its  cred- 
itors possible,  paying  the  least  possible  per  cent,  on  the 
dollar,  and  recommences  business  without  a  thought 
of  dishonor.  A  leading  house  in  the  street  is  often 
compelled  to  suspend.  No  vigilance,  no  foresight,  no 
28 


434  GENERAL  H.  H.  BAXTER. 

shrewdness,  no  capital,  can  contend  with  the  influences 
that  occasionally  arise  and  roll  ruin  down  the  street 
like  a  mighty,  rushing  wind.  Fail  as  often  or  as 
largely  as  these  men  may,  Wall  street  brokers  never 
compromise  with  their  creditors.  They  pay  dollar  for 
dollar,  arid  the  man  who  would  propoge  to  settle  on 
any  other  terms  could  never  lift  his  head  in  the  street 
among  honorable  men.  Bargains  are  daily  made  in- 
volving hundreds  of  thousands  of  dollars,  and  made 
without  a  witness.  Valuable  stocks  by  the  thousand 
shares  are  delivered  without  receipt  or  money,  to  be 
paid  the  next  day  ;  and  checks  are  taken  for.  tens  of 
thousands  of  dollars  for  stocks  and  bonds  delivered, 
when  it  is  known  that  the  party  has  not  a  dollar  in  the 
bank — taken  with  the  simple  promise  of  the  party  to 
make  the  checks  good  within  twenty-four  hours.  Yet 
during  fifty  years  of  the  business  of  Wall  street,  not 
half  a  dozen  cases  of  repudiation,  or  failure  to  meet 
contracts,  have  occurred. 

Among  this  high  minded,  honorable,  and  successful 
class,  General  Baxter  holds  deservedly  a  high  place. 
He  is  one  of  the  marked  men  in  the  street,  both  phys- 
ically and  financially.  Taller  than  Vanderbilt,  he  is 
stoutly  and  compactly  built,  and  is  pronounced  the 
finest  looking  man  in  New  York.  Courtly  in  his  man- 
ners, courteous,  intelligent,  and  agreeable  in  conversa- 
tion, reliable  in  business  matters,  and  one  of  the  best 
financiers  and  heaviest  operators,  he  is  a  good  specimen 
of  the  growth  of  his  native  state,  Vermont.  He  was 
born  in  Rutland,  and  his  father  was  one  of  the  most 
eminent  lawyers  in  the  state.  He  had  an  extensive 
practice,  and  rode  the  circuit,  as  was  customary  in  his 


GENERAL  II.  II.  BAXTER.  435 

day.  lie  adopted  the  style,  then  so  common  with 
successful  professional  men,  and  drove  four  horses 
attached  to  a  common  New  England  two- wheeled 
chaise.  General  Baxter  received  a  fine  education,  and 
was  intended  for  the  law.  The  profession  not  being 
congenial,  his  father  allowed  him  to  follow  the  bent  of 
his  own  inclination,  and  he  was  placed  in  a  mercantile 
house  in  Boston,  where  he  mastered  the  mercantile 
trade.  He  returned  to  Vermont,  where  his  executive 
ability,  high  integrity,  and  tact,  commanded  an  exten- 
sive business.  The  railroad  mania  breaking  out  in  the 
state,  General  Baxter  abandoned  merchandise,  and 
identified  himself  with  this  important  branch  of  busi- 
ness. He  was  immediately  placed  at  the  head  of  the 
movement,  and  constructed  the  first  railroad  built  in 
the  state,  known  as  the  Rutland  &  Burlington  road. 
He  superintended  its  entire  construction,  and  gave 
personal  attention  to  all  the  details.  He  then  built 
the  Vermont  &  Valley  road,  and  also  constructed  the 
Western  Vermont  road. 

His  ability  in  constructing  roads,  attracted  the  at- 
tention of  other  sections  of  the  country.  He  was 
induced  to  visit  Ohio,  where  he  constructed  and  built 
the  Cleveland  &  Toledo  railroad.  While  he  was  on  a 
visit  to  Vermont,  one  of  the  parties  who  had  taken  the 
contract  with  him  to  build  the  road,  died.  The  re- 
maining contractor  advertised  in  the  papers  the  disso- 
lution of  the  firm,  which  would  have  thrown  the  widow 
of  the  party  who  died,  out  of  all  benefit  connected 
with  the  contract,  and  would  have  left  her  penniless. 
General  Baxter  left  his  business  at  the  East,  and  hur- 
ried to  Toledo.     He  recalled  the  notice  of  dissolution, 


436  GENERAL  II.  II.  BAXTER. 

and  insisted  that  the  widow  should  remain  a  member 
of  the  firm.  The  road  was  finished,  and  General  Bax- 
ter gave  the  widow  a  hundred  thousand  dollars  as  her 
share  in  the  profits.  The  father  had  not  the  confidence 
of  the  son  in  the  success  of  railroads.  When  the  first 
contracts  were  taken,  bonds  were  necessary,  and  Gen- 
eral Baxter  applied  to  his  father  to  sign  the  bond.  He 
refused.  He  said,  "My  son,  I  am  worth  but  thirty 
thousand  dollars,  and  this  will  ruin  you  and  me." 
uSign  the  contract,"  said  the  son.  "  I  cannot,"  said 
the  father."  "  Sign  the  contract,"  said  the  son.  UI 
will  do  it,"  said  the  father,  ubut  you  will  ruin  both  of 
us."  Returning  to  Vermont  the  General  purchased 
the  marble  quarries  at  Rutland,  paying  the  then  as- 
tounding sum  of  twenty -five  thousand  dollars.  People 
thought  him  insane,  and  were  certain  that  his  ruin  was 
accomplished.  The  purchase  proved  a  most  valuable 
one,  and  the  shrewdness  of  the  investment  was  soon 
admitted  by  all. 

On  the  breaking  out  of  the  war  Mr.  Baxter  became 
Adjutant  General  of  the  state  of  Vermont,  with  a  sal- 
ary of  $75  a  year.  The  entire  military  force  of  the 
state  consisted  of  seven  hundred  and  fifty  muskets,  and 
the  troops  were  the  rawest  of  the  rural  militia  of  that 
day.  He  was  a  delegate  to  the  Peace  Conference  held 
at  Washington,  and  on  his  return  he  said  to  the  Gov- 
ernor, "  Within  thirty  days  we  shall  be  in  the  midst 
of  civil  war; — the  state  of  Vermont  will  be  called 
upon  to  send  troops  south."  The  governor  did  not 
enter  into  these  fears,  but  within  a  month,  according 
to  the  prediction,  the  first  regiment  left  Vermont  for 
Washington.     The  General  was  truly  loyal,  and  had 


GENERAL  II.  II.  BAXTER.  437 

great  state  pride  that  Vermont  should  do  her  duty. 
He  threw  his  whole  soul  into  the  duties  of  his  office. 
He  neglected  his  private  business  entirely,  roused  the 
spirit  of  patriotism  throughout  the  state,  contributed 
largely  from  his  own  private  fortune  in  fitting  out  reg- 
iments and  paying  bounties,  and  became  one  of  the 
most  efficient  supporters  of  the  government,  as  he  was 
one  of  the  most  popular  men.  He  could  have  secured 
any  office  the  state  had  to  give,  either  in  its  own  terri- 
tory or  in  the  national  councils.  His  tastes  did  not  lie 
in  that  direction.  He  preferred  to  devote  himself  to 
business,  rather  than  politics.  General  ■  Baxter  ap- 
peared in  the  street  in  1864.  He  sold  his  marble 
quarries  to  Jerome,  Riggs,  and  others,  and  left  his  na- 
tive state  to  become  a  financier  in  New  York.  His 
practical  acquaintance  with  railroads,  and  his  manly 
style  of  doing  business,  gave  him  great  influence  with 
railroad  men,  and  he  invested  largely  in  railroad  bonds 
and  other  securities.  His  great  business  on  the  street 
has  been  almost  wholly  connected  with  railroad  inter- 
ests. With  Henry  Keep  he  obtained  possession  of  the 
New  York  Central,  became  one  of  its  directors,  and  on 
the  resignation  of  Mr.  Keep,  became  president.  He 
held  that  position  in  the  corporation  when  Commodore 
Vanderbilt  obtained  possession  of  the  road.  Out  of 
the  entire  board  he  was  the  only  director  retained. 
At  Yanderbilt's  special  request  he  remained  in  his  po- 
sition, which  he  still  holds.  He  is  one  of  the  heaviest 
operators  on  the  street.  He  attracts  attention  every- 
where. His  massive  form,  tall  and  finely  proportioned, 
flowing  white  hair,  with  the  manners  of  the  old  school, 
make  him  conspicuous.     Persons  turn  to  look  at  him 


438  GENERAL  II .  II.  BAXTER. 

as  they  pass  him  in  the  street,  and  on  Harlem  Lane  he 
is  a  marked  man.  He  possesses  a  princely  fortune,  and 
unbounded  liberality.  His  private  charities  are  as 
bounteous  as  the  sea.  He  has  built  several  churches, 
and  few  causes  of  religion,  education,  or  humanity, 
that  deserve  support,  appeal  to  him  in  vain.  He  keeps 
open  house  to  his  friends  in  his  princely  residence  on 
Fifth  avenue,  and  in  all  New  England  there  will  not 
be  found  a  more  tasteful  or  attractive  home  than  his 
country  mansion  at  Rutland. 

During  the  war  he  took  special  interest  in  the  Ver- 
mont boys  who  were  enrolled  in  the  national  army. 
He  corresponded  with  them,  kept  a  watch  over  their 
location,  secured  comforts  for  them  which  they  needed, 
and  sent  them  on  often  at  his  own  expense.  One  reg- 
iment touched  his  sympathies  deeply.  Accustomed  to 
the  bracing  airs  of  Vermont,  they  had  been  sent  far 
down  south,  where  they  were  encamped  amid  the 
deadly  malaria,  and  were  dying  like  sheep  in  the  un- 
wholesome swamps.  Eleven  hundred  strong,  the  reg- 
iment in  a  short  time  had  been  depleted  by  death,  and 
counted  scarcely  five  hundred.  General  Baxter  visited 
Washington  to  see  if  the  regiment  could  not  be  re- 
lieved and  sent  home  to  be  filled  up.  Taking  with 
him  an  official  from  his  state  he  visited  the  President 
and  told  his  story.  The  President  said  he  did  not 
know  why  a  regiment  from  Vermont  should  be  relieved 
any  more  than  a  regiment  from  any  other  place.  The 
case  was  a  hard  one,  but  some  regiment  must  occupy 
that  position,  and  Vermont  seemed  as  well  able  to  bear 
the  sacrifice  as  any.  The  distinguished  gentleman 
who  accompanied  General  Baxter  thought  the  troops 


GENERAL  II.  II.  BAXTER.  439 

were  not  dealt  with  fairly,  and  entered  warmly  into 
the  discussion.  He  became  so  excited  that  his  voice 
could  be  heard  in  all  the  ante  rooms  surrounding  the 
President's  office,  and  he  closed  one  of  his  appeals  by 
bringing  his  hand  heavily  down  upon  the  table.  The 
President  calmly  arose  and  said  to  him,  "  This  lan- 
guage is  unseemly,  and  it  does  not  become  the  Exec- 
utive to  hear  it, — this  conference  must  close."  The 
parties  withdrew.  Sensible  that  he  was  in  error,  the 
distinguished  gentleman  called  the  next  morning  on 
General  Baxter,  and  said  to  him,  "You  must  go  with 
me  to  the  President's;  I  want  to  make  an  apology." 
They  were  at  once  admitted  on  presenting  their  cards, 
and  the  gentleman  went  to  Mr.  Lincoln  at  once,  and 
said,  u  Mr.  President,  I  was  wrong  yesterday ;  I 
thought  our  boys  were  not  treated  fairly,  and  my  love 
for  the  Vermont  troops  is  such  that  I  allowed  my  feel- 
ings to  hurry  me  away,  and  I  have  come  to  apologize." 
Mr.  Lincoln  arose  with  great  emotion,  threw  his  arms 
around  the  neck  of  the  gentleman,  and  said,  "  God 
bless  you  for  these  words,  and  God  bless  the  state  of 
Vermont. "  The  boys  were  relieved  from  their  en- 
campment amid  the  miasma,  and  were  allowed  health- 
ier quarters. ' 


XLI. 
WALL  STREET  AND  THE  FISHMONGERS. 

Fishmongers'  Association. — Aims  of  the  Association. 

A  stranger  would  hardly  go  to  the  New  York  fish 
market  to  find  sharp  and  successful  financiers,  who  are 
well  known  on  the  street.  But  among  the  busy  throng 
who  carry  on  the  great  trade  in  the  fish  market,  near  Ful- 
ton street,  will  be  found  some  of  the  richest  and  most 
successful  business  men  in  the  city.  Men  who  stand  from 
4  o'clock  in  the  morning  till  past  meridian ;  who  are 
receiving  cargoes,  and  sending  fish  in  boxes  to  every 
part  of  the  country ;  who  wear  heavy  fishermen's  boots 
coming  above  the  knee,  who  are  dressed  in  tarpaulin 
jackets,  and  wear  a  sailor's  rig  or  a  fisherman's  outfit ; 
covered  from  head  to  foot  with  the  juice,  the  brine, 
the  slime  of  their  trade,  will  be  found  some  of  the  mil- 
lionaires of  New  York,  who  have  secured  fortunes  in 
their  somewhat  repulsive  occupation.  Many  of  them 
own  the  finest  teams  that  course  over  the  road.  Their 
families  ride  in  gay  turnouts  on  the  Park.  Many  of 
them  have  fortunes  and  could  retire  from  business  if 
they  would.  Over  the  reeking  chambers  where  the 
slimy  trade  is  carried  on,  are  snug  little  rooms,  hand- 

(440) 


FISIIMOXGERS'  ASSOCIATION.  441 

sornely  carpeted,  and  arranged  with  wardrobes.  Some 
of  these  men,  who  look  like  dock  laborers,  go  up  stairs 
when  business  is  over,  change  their  business  suit  for 
a  fashionable  rig,  take  their  teams  which  are  brought 
to  the  door  by  servants,  and  drive  out  among  the 
fashionables,  like  gentlemen,  as  they  are.  They  prefer 
work  to  idleness.  They  relish  their  recreation  when 
the  rugged  business-  of  the  day  is  over.  They  eat  no 
idle  bread,  and  they  want  none.  Some  of  these  men 
are  aldermen,  and  city  officials,  and  persons  who 
have  favors  to  ask  or  requests  to  prefer,  visit  the  offi- 
cials at  their  places  of  business.  It  is  curious  to  watch 
the  astonishment  of  such  parties,  who,  when  they  call 
for  the  alderman,  find  the  response  coming  from  a 
rough,  hardy,  and  athletic  man,  rolling  a  barrel  of  fish 
from  one  end  of  the  room  to  the  other. 

fishmongers'  association. 

This  is  a  private  organization  which  built  and  own 
the  New  York  fish  market ;  which  market  supplies  the 
city  and  country  with  fish.  The  extent  of  the  business 
done  by  this  association  may  be  learned  from  the  fact 
that  one  member  pays  a  government  tax  of  $195,000 
a  year,  and  the  eighteen  stalls  do  an  average  business 
of  fifty  thousand.  The  association  is  composed  of 
thirty-seven  members.  They  own  the  building  and 
outsiders  cannot  interfere.  No  one  can  have  a  stall  in 
the  market  but  a  member  of  the  association,  and  these 
stalls,  eighteen  in  number,  are  worth  annually  $1,500 
rental.  The  location  is  one  of  the  best  in  New  York, 
for  vessels  come  up  to  the  very  doors  of  the  market, 
and  the  tide  is  so  strong  in  this  special  point,  that  the 


442  AIMS  OF  THE  ASSOCIATION. 

water  is  as  pure  as  at  Sandy  Hook.  The  eighteen 
stands  in  the  market  monopolize  the  entire  wholesale 
trade.  Two  hundred  and  fifty  sail  are  employed  in 
supplying  the  market.  Salmon  is  brought  from  Cali- 
fornia by  railroad.  Vessels  visit  every  part  of  the 
world,  the  Banks,  Sable  Island,  Cape  Sable,  the  ex- 
treme North  and  South,  and  are  coming  and  going  all 
the  time.  Live  fish  are  brought  in  tanks,  which  are 
built  in  the  vessel,  and  dead  fish  are  packed  in  ice,  in 
compartments  made  for  the  purpose.  Vessels  coming 
in  at  night  unload  at  once,  and  tanks  sufficient  for  any 
emergency  fill  the  slip,  into  which  the  live  fish  are 
placed. 

At  4  o'clock  in  the  morning,  precisely,  business  com- 
mences. Parties  may  be  on  the  ground  as  early  as 
they  please,  but  there  is  no  buying  or  selling  till  4 
o'clock.  The  heavy  gong  sounds  exactly  on  the  hour, 
and  trade  begins.  All  New  York,  New  Jersey,  Phila- 
delphia, Baltimore  and  Washington ; — Troy,  Albany  and 
all  the  intermediate  places  up  the  river,  are  supplied 
by  the  fishmongers  of  New  York.  The  best  mackerel 
come  from  Newport ;  the  finest  salmon  from  Penob- 
scot, and  the  best  halibut  from  St.  George's  Bank  and 
Sable  Island.  At  4  o'clock,  precisely,  in  the  afternoon, 
business  closes  as  it  began,  by  the  sounding  of  the 
gong,  and  there  is  no  trade  after  that  hour. 

AIMS    OF  THE    ASSOCIATION. 

The  Fishmongers'  Association  have  a  charitable  drift, 
like  their  great  namesake  in  London,  which  is  one 
of  the  richest  and  most  popular  institutions  in  England. 
Members  of  the  Hoyal  family  are  glad  to  sit  down  at 


AIMS  OF  THE  ASSOCIATION.  443 

the  costly  boards;  or  Ministers  of  State,  Ecclesiastical 
dignitaries,  Members  of  Parliament  and  the  literati  are 
proud  of  an  invitation.  The  New  York  Association  is 
securing  a  fund  for  charitable  purposes.  It  has  laid 
the  foundation  of  a  fine  library.  Eminent  men  of  the 
city  are  becoming  honorary  members,  and  the  Asso- 
ciation promises  to  rank  among  the  beneficent  Insti- 
tutions of  New  York. 


XLII. 
REMOVAL  OF  THE  STOCK  EXCHANGE. 

What  some  Propose  in  regard  Thereto. — Wall  Street  Found  to  bb 
the  Real  Financial  Centre. — The  greatest  Operators  live  in  Brook- 
lyn. 

The  removal  of  the  Stock  Exchange  from  its  present 
locality  is  agitated.  An  up  town  locality  is  suggested. 
Some  propose  the  vicinity  of  the  new  Post  Office,  at 
the  end  of  the  City  Hall  Park ;  others  wish  a  location 
farther  up,  even  suggesting  Madison  Park,  at  Twenty- 
third  Street.  The  investigation  has  brought  to  light 
the  interesting  fact  that  Wall  Street,  to-day,  is  the  finan- 
cial centre  of  the  city  and  its  environs.  The  great 
business  of  the  street  is  better  accommodated  now 
than  it  could  be  elsewhere.  If  New  York  City  alone 
was  to  be  accommodated,  a  more  central  location  might 
be  selected.  But  neither  the  heaviest  operators,  nor 
the  most  numerous,  live  in  upper  New  York.  They 
live  in  Brooklyn,  and  are  scattered  over  the  length  and 
breadth  of  Long  Island ;  they  live  on  Staten  Island,  in 
Jersey  City,  and  come  in  daily,  from  a  distance  of 
thirty  miles  in  the  State  of  New  Jersey ;  they  live  on 
the  Harlem  and  New  Haven  roads,  an  equal  distance 
out,  and  up  the  North  River,  for  fifty  miles.  All  the 
landings  are  convenient  to  Wall  Street,  and  the  great 
throng  reach  that  locality  more  easily  than  any  other. 

(444) 


REMO  VAL  OF  STUCK  EXl  HANGE.  445 

When  the  Astor  House  was  opened  in  183  G,  all  New- 
York  was  below  the  hotel.  Trinity  Church  was  the 
centre  of  the  city,  and  wealthy  New- York  lived  below 
the  church.  The  City  Hall  was  built  of  marble  on  one 
side,  and  of  brown  stone  on  the  other  for  economy- 
sake.  The  city  saved  the  difference  between  brown 
stone  and  marble. 

FINANCIAL    CENTRE. 

What  Threadneedle  Street  is  to  England,  Wall  Street 
is  to  America.  It  is  a  narrow  street,  in  the  lower  part 
of  New  York,  running  from  Broadway  to  the  East 
River.  At  the  head  of  Wall  Street  stands  the  massive 
Trinity  Church,  the  Cathedral  of  the  city.  It  lifts  its 
tall  steeple  to  heaven,  amid  the  din  and  babel  of  business. 
From  its  tower  magnificent  bells  strike  out  the  quarter 
and  half  hours  of  the  day,  and  chime,  with  mellifluous 
peals  the  full  ones,  telling  the  anxious,  excited  and 
rushing  crowd  how  swiftly  life  passes.  The  great 
moneyed  institutions  of  the  country  are  in  Wall  Street. 
Here  stands  the  elegant  granite  building  devoted  to 
the  United  States  Treasury  in  New  York.  The  work  is 
highly  ornamental.  Brilliant  painting  and  gilding  ap- 
pear everywhere.  Solid  mahogany  desks  and  marble 
counters  are  beautiful  to  the  eye.  But  there  is  strength 
as  well  as  beauty.  The  heavy  vaults,  where  repose  the 
treasures  of  the  government,  are  caverns  of  massive 
granite.  The  chambers,  where  the  gold  is  counted,  are 
merely  stone  cells.  Huge  iron  fences,  running  from 
the  floor  to  the  ceiling,  and  heavy  iron  gates,  guard 
against  surprise.  These  iron  barriers  cross  and  rccross 
each  other,  so  that  a  mob  would  gain  but  little  should 


446  REMOVAL  OF  THE  STOCK  EXCHANGE, 

it  obtain  an  entrance  into  the  building.  In  Wall  Street 
the  Custom  House  is  located.  The  costly  banking 
houses  adorn  the  street,  where  men  whose  integrity 
and  repute  have  made  America  honorable  in  all  parts  of 
the  world  can  be  found.  The  men  of  money  of  the  city, 
the  millionnaires,  speculators,  and  leading  financiers, 
have  here  their  headquarters.  The  heaviest  financial 
operations  are  transacted  in  cellars  and  underground 
rooms,  in  clingy  and  narrow  chambers,  in  the  attics  of 
old  buildings,  which  are  reached  by  rickety  and  creak- 
ing stairs,  which  threaten  to  give  way  under  one's  tread. 
Here  is  high  'change.  The  men  whose  names  are  so 
familiar  with  stock  and  money  transactions  can  be 
found  between  twelve  and  three.  The  heaviest  opera- 
tors have  no  offices  of  their  own.  At  certain  hours  of 
the  day  they  can  be  found  in  the  chambers  of  leading 
brokers.  Some  of  them  occupy  mere  dens.  Men  who 
control  the  leading  railroads,  and  other  great  stocks, 
who  can  agitate  the  financial  world  in  an  hour,  will 
usually  be  found  in  some  small  room  near  Wall  Street, 
sitting  with  a  crowd  of  speculators,  who  are  their 
lackeys,  and  who  are  ever  ready  to  do  the  will  of 
great  financiers. 


XLIII. 
FAST  LIFE  ON  THE  STREET. 

Recreations  of  the  Fast  Class. — A  Ruined  Man,  once  a  Financial 
King. — The  Fast  Men  at  the  Club  Houses. — The  Club  Houses,  and 
how  they  Dine  there. 

There  is  no  department  or  profession  in  the  city 
where  fast  men  cannot  be  found.  The  pulpit,  the  bar, 
mercantile  and  banking  life,  have  specimens  of  this 
class ;  nor  is  the  Street  exempt.  The  temptations  to 
hazard  are  very  great,  and  high  life  is  at  a  premium 
among  a  class.  Besides  these  men  who  are  princes  in 
trade,  and  like  the  merchants  of  Tyre,  are  "  the  honora- 
ble of  the  earth,"  are  men  who  live  for  the  day  and  the 
hour,  and  whose  motto  is,  u  all  is  fair  in  trade."  These 
men  gain  money  in  any  way  that  is  open  to  them, 
reckless  of  consequences.  They  go  for  a  merry  life, 
though  it  be  a  short  one.  If  they  make  five  hundred 
dollars,  they  spend  it  at  once  on  their  whims,  caprices, 
passions,  and  appetites.  Penniless  curbstone  brokers 
one  day,  they  have  rooms  at  an  up  town  hotel  the  next, 
ride  down  to  the  street  in  a  coach,  drink  the  costliest 
wine,  eat  the  most  exciting  food,  dash  out  in  a  splendid 
dress,  hire  a  box  at  the  opera,  and  the  next  week  be- 
come as  penniless  and  destitute  as  before.  With  fast 
New  York,  money  is  every  thing.     Balls,  parties  and 

(447) 


448  RECREATIONS  OF  THE  FAST   CLASS. 

soirees  are  open  to  the  man  of  the  diamond  ring,  and 
who  calls  in  a  coach.  Parties,  who  a  year  or  two  ago 
were  porters,  stable  boys,  and  coal  heavers,  affect  style, 
and  drive  the  stunning  turnouts  on  the  park.  Some 
women,  who  give  what  are  called  select  parties,  are 
rude,  coarse,  and  ignorant,  from  whose  persons  the 
marks  of  the  wash  tub  and  the  stiffness  of  their  joints 
from  scrubbing  has  not  been  effaced.  Men  who  were 
ticket  takers  at  a  ferry,  starters  on  an  omnibus  route,  or 
car  drivers,  buy  expensive  teams,  and  lead  the  fashion 
for  an  hour.  So-called  fashionable  people  will  scram- 
ble for  an  invitation  to  a  masque  ball,  or  a  fancy  party, 
who  would  not  speak  to  the  hostess  outside  of  her  own 
dwelling. 

RECREATIONS    OF    THE    FAST    CLASS. 

The  fashionable  recreations  of  the  fast  class  in  New 
York  are  in  keeping  with  the  low  life  from  which  they 
sprung,  and  with  their  extravagant  habits.  Ladies 
appear  in  their  costly  mansions,  glittering  with  gas, 
and  covered  with  bells.  Extravagant  costumes,  im- 
ported at  fabulous  prices,  represent  monkies,  satan, 
apes,  and  other  forms,  which  show  the  taste  of  the 
wearers.  Servants  are  decked  out  in  gold  and  silver 
livery.  Laboring  men  of  different  nationalities,  are 
hired  for  the  occasion,  and  dressed  up  in  fancy  cos- 
tumes to  represent  nobles  and  barons  of  the  old  world. 
This  style  of  life  is  invariably  of  short  duration.  Since 
Lenox,  who  led  the  up  town  movement,  laid  the  foun- 
dation of  his  substantial  dwelling  on  Fifth  Avenue, 
which  is  still  occupied  by  him,  at  least  five  hundred 
families  have  occupied  gorgeous  mansions  and  disap- 


4.  RUINED  MAN,  ONCE  A  FINANCIAL  Kl.\   I  1  I  f) 

peared  from  sight.  All  up  and  down  Fifth  Avenue 
are  magnificent  mansions,  built  by  fast  men  of  the 
street,  and  occupied  by  butterflies  of  fashion,  during 
the  brief,  sunny  hour  allotted  to  them.  These  persons 
were  the  rage  and  sensation  for  the  time.  Nothing 
was  good  enough  for  their  use,  in  this  country.  Car- 
pets woven  in  the  most  celebrated  looms  in  foreign 
cities ;  furniture  manufactured  at  an  immense  cost  in 
Paris,  gold  and  silver  plate  and  china  brought  from 
beyond  the  seas,  were  the  marvels  of  the  hour.  When 
a  party  was  given,  all  New  York  was  stirred  ;  the  side- 
walks were  carpeted,  and  the  mansions  brilliantly 
illuminated.  The  turnouts  were  the  envy  of  the  city. 
Such  dresses,  such  horses,  such  aristocratic  livery,  could 
not  be  matched  in  the  country.  Without  a  single 
exception,  these  fast  livers  of  pleasure  have  gone  out 
of  sight,  not  one  remaining  to-day  who  was  on  the 
surface  ten  years  ago.  Some  that  I  have  seen,  the 
envy  of  Saratoga  and  Newport,  are  dead;  others 
occupy  tenement  houses  in  the  city  with  drunken  hus- 
bands who  have  added  intemperance  to  financial  rever- 
ses. Many  of  those  magnificent  mansions  on  Fifth 
Avenue  which  were  built  for  the  fast  men  of  the  street, 
are  club  houses  now,  and  the  names  of  their  builders 
and  founders  have  already  perished.  Not  only  from 
the  street,  but  from  social  life,  these  fast  men  have  dis- 
appeared forever.  In  their  ruin  they  have  carried 
down  their  families  with  them. 

A   RUINED    MAN,    ONCE   A   FINANCIAL   KING. 

Every  day  I  meet  on  Wall  Street,  a  man  who  fifteen 
years  ago  stood  among  the  richest  and  most  honora- 
29 


450       A  RUINED  MAN,  ONCE  A  FINANCIAL  KING. 

ble,-  the  representative  of  one  of  the  most  successful 
houses  in  the  country.  He  seldom  looks  to  the  right 
hand  or  left.  He  is  getting  to  be  an  old  man  now,  but 
stoops  quite  as  much  from  sorrow  as  from  age.  His 
dress  is  of  the  past  generation — his  huge  collar,  and 
double  cravat  speak  of  olden  time.  His  step  is  slow, 
and  he  looks  seedy  and  worn.  Yet  at  one  time,  he 
was  one  of  the  wealthiest  men  in  the  country.  His 
name  was  one  of  the  best  known  in  America.  It 
was  honored  at  the  courts  abroad,  and  stood  high 
among  the  honorable  merchants  of  the  world.  He 
inherited  the  name  and  the  business  of  a  house  that 
through  half  a  century  had  been  unstained.  The  slow 
and  sure  method  of  gain  did  not  suit  him ;  he  tried  the 
fast  r61e.  To  keep  it  up,  he  speculated  with  trust 
money  put  into  his  hands.  This  did  not  meet  his 
necessities,  and  he  used  other  peoples'  names  .and 
added  embezzlement  and  forgery.  The  game  came  to 
an  end,  as  all  such  transactions  must.  He  fled  between 
two  days,  and  wandered  in  foreign  lands  under  an 
assumed  name.  Widows  and  orphans  were  ruined, 
and  the  innocent  were  dragged  down  in  his  fall.  He 
lived  abroad  as  a  fugitive.  He  found  he  was  not  pur- 
sued. He  grew  bolder,  and  finally  appeared  in  the 
streets  of  New  York.  Nobody  meddled  with  him. 
Some  who  remembered  him  in  other  days  and  pitied 
him,  give  him  a  commission  or  two  to  execute.  He 
skulks  around  through  the  by-ways  and  narrow  lanes 
of  lower  New  York,  like  a  culprit,  where  a  few  years 
ago,  he  trod  the  pavement  like  a  king.  He  has  a  little 
den  of  an  office,  strange  enough,  near  the  spot  where 
Aaron  Burr  planted  himself  at  the  close  of  his  life,  and 


THE  FAST  MEN  AT  THE  <  LUB  HOUSES,  I :/•        451 

tried  to  earn  a  scanty  living,  after  having  flung  away 
the  most  brilliant  prospect  and  repute  that  a  public 
man  ever  possessed. 

THE    FAST    HEN    AT    TIIE    CLUB    HOUSES. 

The  fast  men  of  the  street  can  be  found  in  the  even- 
ing, at  some  one  of  the  many  club  houses  established 
in  the  upper  part  of  the  city.  These  numerous  and 
growing  institutions  are  very  unlike  the  club  houses 
of  London,  nor  have  they  their  political  significance. 
In  London,  the  club  houses  have  a  staidness,  order, 
and  aristocracy,  that  mark  the  British  character  every- 
where. 

THE  CLUB  HOUSES,  AND  HOW  THEY  LIVE  THERE. 

The  New  York  club  houses  have  the  excitement  of 
the  street  about  them.  They  are  furnished  in  gorgeous 
style.  The  most  costly  viands,  and  the  most  exciting 
and  expensive  liquors  are  furnished.  Fast  New  York 
spend  a  portion  of  their  evenings  amid  the  fascinations 
of  the  club.  Londoners  go  to  their  clubs  to  discuss 
political  matters,  and  decide  upon  parliamentary  dis- 
cussions or  political  agitations.  New  Yorkers  go  to 
their  clubs  to  eat  and  drink  and  be  excited.  A  Lon- 
don broker  will  go  up  from  Lombard  Street  to  his 
club,  take  a  cosy  corner,  and  dine  upon  a  sober  joint 
with  a  single  glass  of  sherry  or  a  mug  of  ale.  A  New 
York  broker  will  go  to  his  club  and  dine  off  from  a  bill 
of  fare  that  would  be  considered  sufficient  for  a  court 
dinner  to  crowned  heads  or  a  banquet  at  the  Lord 
Mayor  s  mansion.  An  Englishman  will  sit  down  at  his 
club   with  a  decanter  of  wine  between  himself  and 


452     THE  CLUB  HOUSES,  AND  HO  W  THEY  LIVE  THEi,  . 

friend,  with  the  smallest  and  most  fragile  of  wine 
glasses,  and  will  hold  a  conference  from  one  to  four 
hours,  in  a  low  toned  voice,  discussing  mercantile  and 
other  matters,  and  will  rise  from  the  table  with  that  sin- 
gle glass  of  wine  not  consumed.  If  touched  at  all,  it  will 
"be  merely  sipped,  from  time  to  time,  during  the  con- 
versation. A  New  Yorker  will  go  to  his  club  or  hotel, 
with  the  fever  of  business  still  coursing  through  his 
veins,  excited  from  success,  or  maddened  from  losses, 
and  before  he  can  touch  a  mouthful  of  food  will  call 
for  his  bottle  of  champagne,  infuse  into  it  an  efferves- 
cence prepared  for  such  excited  spirits,  and  drain  the 
contents  before  he  touches  his  soup.  It  is  no  mar- 
vel that  such  men  grow  grey  at  forty ;  that  premature 
baldess  marks  the  business  men  of  New  York;  that 
only  a  few  reach  mature  life,  and  that  many  of  these 
have  paralysis,  the  gout,  and  kindred  disorders  ;  that 
long  lines  of  them  can  be  seen  every  morning — men 
made  to  be  healthy,  and  destined  to  grow  old — tot- 
tling  along  with  canes  to  support  them,  and  with  an 
unsteady  step,  having  burnt  out  their  manhood,  con- 
sumed their  strength,  and  prematurely  impaired  their 
health,  by  the  excesses  of  their  lives.  No  warning  will 
avail,  no  beacons  admonish,  but  each  for  himself  will 
strike  his  keel  on  the  sunken  rocks  and  hidden  shelves, 
and  perish  like  a  vessel  stranded  on  the  beach. 


XL1T. 
MARKED  WOMEN  OF  WALL  STREET. 

Martha  Washington. — Abigail  Adams. — Esther  Keed. — Lucy  Knox. — 
Mart  Redman. — Lydia  Gates. — Mbs.  Griswold. — Mrs.  Caldwell. — 
Mart  Washington-. — Modern  Women. 

The  Court  of  the  Young  Republic  was  opened  in 
Wall  Street.  Previous  to  the  establishment  of  the  Gov- 
ernment, the  heroic  women  of  the  period  came  nobly 
and  cheerfully  to  aid  the  cause  of  National  Independ- 
ence. They  lived  in  and  around  Wall  Street,  and  joined 
Washington,  Hamilton,  Knox,  and  other  eminent  men 
of  '76,  in  the  struggle  in  which  they  found  themselves 
engaged.  These  women  were  gifted,  talented,  and 
refined.  Some  of  them  belonged  to  the  noblest  fam- 
ilies in  the  land.  Their  comfort,  ease,  and  social  pro- 
clivities, were  on  the  side  of  the  King.  Many  of  them 
were  brought  up  in  luxury,  and  knew  neither  want 
nor  care.  They  consecrated  all  they  had  to  the  Na- 
tional cause.  On  woman  war  lays  heavily  its  blood- 
red  hand.  But  the  bravest  of  the  brave  were  the 
women  whose  homes  nestled  around  the  pavements 
now  trodden  by  the  great  financiers  of  the  metropolis. 
The  women  hung  garlands  on  the  sword;  wreathed 
tokens  of  affection  on  the  bayonet ;  wove  the  banner 
the  man  of  God  blest,  which  was  borne  in  the  deadly 

(453) 


454      MARKED  WOMEN  OF  WALL  STREET. 

strife ;  they  gave  up  their  husbands,  sons,  and  lovers, 
to  the  national  cause ;  pledged  themselves  to  drink  no 
tea  while  the  Boston  harbor  was  closed,  and  heroically 
resolved  to  buy  nothing  British  till  justice  was  done  to 
America. 

Said  Mrs.  Mercy  Warren,  "I  want  peace  for  my  poor 
country,  but  want  it  on  equitable  terms.  Till  that  is  se- 
cured the  sword  can  never  go  back  into  its  scabbard." 
"  Go,  William,"  said  the  widow  Anderson  to  her  only  son, 
"  go  with  Washington  and  the  army;  Lizzie  and  I  will 
tend  the  cattle,  and  get  in  the  crops,  till  you  return." 
Said  Mrs.  Barry,  with  her  hand  on  her  husband's  shoulder, 
"  Sydney,  don't  play  the  coward;  I  would  rather  know 
you  were  dead  on  the  battle  field  than  that  you  showed 
the  white  feather."  Martha  Washington,  Mrs.  Reed 
and  others,  issued  their  stirring  circular  from  Wall  St., 
calling  upon  the  ladies  of  the  country  to  make  gar- 
ments for  the  troops,  and  citing  the  heroic  conduct  of 
Miriam,  Deborah,  and  other  noble  women,  whose  his- 
tory was  invoked  in  favor  of  the  good  cause.  Mrs. 
Miner  was  known  as  the  "Beautiful  Rebel."  Her  hus- 
band sympathized  with  the  British  and  compelled  her 
to  attend  a  ball  given  by  the  British  officers  in  the  old 
City  Hall.  She  refused  to  dance  with  any  of  the  offi- 
cers, and  wore  thirteen  small  plumes  in  her  hair  to  show 
her  sympathy  with  the  thirteen  Colonies.  When  Gen- 
eral Greene  was  victorious  Mrs.  Miner  wore  green  rib- 
bons and  green  decorations,  and  walked  out  among 
British  troops,  who  were  parading  the  street.  Mrs. 
Hey  wood  refused  to  obey  the  order  issued,  to  illumin- 
ate her  house  at  a  British  victory.  She  said,  "You 
may  walk  over  my  dead  body,  but  not  one  light  shall 


MARTHA  WASHINGTON.— ABIGAIL  ADAMS.  455 

appear  in  my  house."  The  uniform  of  the  American 
soldiers  was  blue,  and  they  were  called,  in  derision, 
"Blue  Devils."  Mrs.  Livingston  told  a  British  officer 
that  she  preferred  blue  devils  to  "the  scarlet  fever," 
alluding  to  the  scarlet  uniform  of  the  British  troops. 
u  What  are  you  searching  for?"  said  Mrs.  Hall  to  an 
officer  who  entered  her  house.  "Treason,"  was  the 
reply.  "You  need  search  no  farther,"  said  the  woman, 
"you  can  find  plenty  of  it  at  the  end  of  my  tongue." 

MARTHA    WASHINGTON. 

At  the  head  of  this  heroic  band  stood  Martha  Wash- 
ington. She  was  a  Mrs.  Custis,  three  years  a  widow. 
Of  middle  size,  dark  hair,  hazel  eyes;  frank,  captivat- 
ing, and  beautiful,  with*  a  hundred  thousand  pounds 
in  a  strong  box.  During  the  Eevolutionary  War  she 
was  the  idol  of  the  army,  and  spent  her  winters  in 
camp.  When  the  troops  saw  her  chariot  approaching 
with  its  white  and  scarlet  livery,  her  coming  was 
hailed  with  the  utmost  enthusiasm.  The  sick  soldier, 
on  his  rude  pallet,  blessed  her  presence.  She  took 
part  in  the  terrible  suffering  of  the  last  winter  of  the 
war,  at  Valley  Forge.  She  was  a  queenly  woman  in 
doing  the  honors  of  the  Presidential  mansion. 

ABIGAIL    ADAMS. 

Mrs.  Adams  had  her  home  in  Wall  Street,  and  was 
one  of  Washington's  court.  Her  father  was  a  clergy- 
man, and  settled  a  few  miles  out  from  Boston.  When 
his  eldest  daughter  Mary  was  married,  as  was  the  New 
England  custom,  he  preached  a  sermon  on  the  occasion, 
and  from  the  appropriate  text, — "Mary  hath  chosen 


456  ESTHER  REED. 

that  good  part  that  shall  not  be  taken  from  her." 
John  Adams'  visits  to  the  parsonage  were  not  well 
received.  The  parish  were  indignant,  and  Mrs.  Smith 
did  not  look  kindly  on  the  attentions  paid  to  her 
daughter  Abigail.  The  calling  of  John  Adams  was 
not  a  popular  one;  he  was  a  lawyer.  The  simple  peo- 
ple of  the  little  village  of  Weymouth  knew  but  little 
of  lawyers,  and  did  not  like  what  little  they  knew. 
The  profession  was  considered  a  vagabond  calling.  It 
was  half  a  dozen  miles  from  the  home  of  John  Adams, 
in  Braintree,  to  the  residence  of  Abigail  Smith.  John 
rode  over  Sunday  afternoon,  tied  his  horse  to  the  post 
in  front  of  the  parsonage  gate,  for  no  one  invited  him 
to  stable  the  steed,  and  the  common  hospitality  was 
withdrawn,  for  he  was  not  invited  to  tea.  The  young 
lawyer  carried  the  day,  and  the  sermon  after  the  wed- 
ding, was  from  the  apt  text,  "As  for  this  John,  he  came 
neither  eating  nor  drinking,  and  ye  say  that  he  has  a 
devil."  From  Wall  Street  Mrs.  Adams  wrote  her  cel- 
ebrated letter,  in  which  she  conveyed  to  her  husband, 
then  absent,  the  pleasant  news  that  her  son,  John 
Quincy,  would  really  make  something,  for  he  had  got 
the  position  of  carrying  the  mail,  on  horse-back,  from 
Braintree  to  Boston. 

ESTHER    REED. 

This  lady  was  the  intimate  companion  and  warm 
personal  friend  of  Martha  Washington.  She  was  one 
of  the  most  brilliant  ornaments  of  the  Republican 
court  in  New  York.  She  was  ingenious,  and  indefatiga- 
ble, in  her  method  of  raising  supplies  of  food  and 
clothing  for  the  suffering  troops.     She  was  a  worthy 


MART  REDMAN.  457 

companion  of  her  brave  husband,  General  Reed.  He 
was  approached  by  British  agents,  as  Arnold  was,  and 
gold  was  proffered  to  him  with  position  if  he  would 
desert  the  American  cause.  He  replied,  "I  am  not 
worth  buying,  but  poor  as  I  am,  and  beggared  by  the 
war,  England  has  not  gold  enough  to  buy  me." 

LUCY    KNOX. 

Mrs.  Knox  was  one  of  the  most  beautiful  and  accom- 
plished women  of  her  day.  She  was  the  daughter  of 
the  provincial  Secretary.  Her  patriotism  drove  her 
from  her  home.  A  rich  man's  daughter,  she  took  noth- 
ing with  her  but  the  sword  of  her  husband,  which  she 
sewed  up  in  her  cloak  as  she  fled. 

MARY    REDMAN. 

A  young  girl  residing  in  her  home  where  there  was 
not,  beside  herself,  one  friend  to  the  American  cause, 
she  carried  on  a  correspondence  with  Washington 
through  the  instrumentality  of  her  young  brother,  Jack. 
The  boy  was  suspected,  and  lest  he  should  be  searched, 
Mary  ran  out  to  meet  him,  engaged  him  in  a  game  of 
romps  in  sight  of  the  troops,  during  which  she  secured 
the  despatches  and  ate  them  up.  She  was  so  excited 
when  the  news  came  that  Burgoyne  had  surrendered  to 
Gates  that  she  could  not  contain  herself,  and  dared  not 
give  utterance  to  her  feelings  in  the  presence  of  her 
family.  She  went  into  the  upper  part  of  the  house, 
thrust  her  head  up  the  chimney  and  shouted,  u  Gates, 
Gates,"  a  few  times,  as  a  relief. 


458    LYDIA  GATES.— MRS.  ORIS  WOLD. —MRS.  CALDWELL. 
LYDIA   GATES. 

Miss  Gates  belonged  to  the  society  of  Friends.  Her 
father's  house  was  the  headquarters  of  the  British  Gen- 
eral while  he  held  possession  of  the  city.  Lydia  was 
so  modeSt,  so  quiet,  so  gentle,  and  said  "Thee"  and 
"Thou"  so  demurely,  that  she  was  selected  as  the 
confidential  servant  of  the  chief  officer.  She  over- 
heard a  plan  to  surprise  Washington  and  cut  him  off. 
Under  the  pretense  of  going  to  mill  she  went  beyond 
the  British  lines,  traveled  through  the  snow  to  White 
Plains,  and  revealed  the  plot  to  Washington.  Twenty- 
four  hours  after  she  heard  the  British  officers  depart 
to  execute  their  plan.  They  came  back  the  next  morn- 
ing dispirited,  and  in  ill  humor. 

MRS.    GRISWOLD. 

Mrs.  Griswold  was  a  very  brave  woman,  enthusias- 
tically devoted  to  the  American  cause.  A  price  was 
set  on  the  head  of  her  husband.  Spies  saw  him  enter 
his  house  one  night.  A  guard  was  placed  round  it  in 
the  morning,  and  the  dwelling  was  searched.  The  pa- 
triot could  not  be  found.  Mrs.  Griswold  refused  to 
reveal  his  hiding  place.  The  troops  threatened  to 
bayonet  her,  and  actually  put  a  rope  around  her  neck 
for  the  purpose  of  hanging  her  to  a  beam.  The  hiding 
place  was  an  original  one.  The  cellar  was  full  of  casks. 
In  one  of  these  Mrs.  Griswold  headed  up  her  husband, 
and  fed  him  through  the  bung-hole. 

MRS.    CALDWELL. 

This  lady  was  especially  obnoxious  to  the  British 
officers.     Her  husband  was  a  clergyman,  and  used  his 


MARY  WASHINGTON,  459 

influence,  which  was  very  great,  to  obtain  supplies  for 
the  troops.  He  came  home  one  day  and  found  his 
wife  on  the  step-stone,  shot  in  cold  blood,  with  her  lit- 
tle babe  crawling  on  the  cold  breast  of  its  mother. 
He  lifted  the  child  heavenward,  baptised  it  in  the  sa- 
cred gore,  and  swore  eternal  hostility  to  a  foe  that 
would  spare  neither  women  nor  children. 

MARY    WASHINGTON. 

This  remarkable  woman — the  mother  of  General 
Washington — was  invited  by  her  son  to  make  a  part 
of  the  American  Court  in  New  York  after  the  inaugu- 
ration of  Washington  at  Federal  Hall.  She  declined 
the  invitation,  preferring  to  live  in  her  simple  style, 
and  in  her  humble  cottage  in  Fredericksburg.  On  his 
way  to  New  York  to  assume  the  responsibilities  and 
honors  as  chief  magistrate  of  the  new  nation,  the  Pres- 
ident paid  his  last  visit  to  his  mother.  Her  influence 
over  her  son  was  remarkable.  She  educated  him,  pre- 
sented him  with  that  memorable  book  which  gave  him 
his  knowledge  of  surveying,  gardening,  etiquette,  and 
the  drawing  of  legal,  formal,  and  diplomatic  papers. 
On  Braddock's  defeat,  he  hastened  to  assure  his  mother 
that  he  had  no  part  in  the  dishonor.  He  entered 
Fredericksburg  in  state.  The  people  turned  out  to  bid 
him  welcome.  Cannon,  music,  flags,  and  pageantry, 
attested  the  public  joy.  Washington  knew  the  taste 
of  his  mother  too  well  to  approach  her  dwelling  with 
the  turmoil  of  a  crowd.  Waiting  till  the  shades  of 
evening  afforded  him  privacy,  attended  only  by  Lafay- 
ette, Washington  sought  the  humble  dwelling  of  his 
mother.     No  bolts  or  bars  prevented  egress.     All  was 


460  MARY  WASHINGTON. 

excitement,  enthusiasm,  and  joy  outside.  The  stoical 
woman  sat  calm  and  unmoved  amid  her  servants, 
who  were  spinning  as  the  President  entered.  She 
bowed  slightly  to  him,  and  he  stooped  his  tall  form 
that  she  might  kiss  his  forehead.  Long  years  had 
passed  since  he  had  seen  his  mother — years  of  excite- 
ment, sorrow,  peril,  and  triumph — for  a  Nation  had 
been  born.  Collected  and  cool,  as  if  he  had  been  absent 
from  the  home  a  day  or  two,  Mrs.  Washington  said — 
"  George,  I  am  glad  to  see  you ;  you  have  altered 
some  since  you  were  here  last."  To  Lafayette,  who 
had  detailed  to  the  mother  of  Washington  the  great 
and  heroic  deeds  of  her  son,  she  simply  replied — "I 
am  not  surprised;  I  knew  he  would  do  well,  for 
George  was  always  a  good  boy."  On  the  morning,  as 
he  was  bidding  adieu,  Mary  Washington  felt  that 
this  was  a  final  visit.  She  melted  a  little  and  said, 
"  George,  good  bye ;  you  will  never  see  me  again." 
The  President  was  unmanned.  He  threw  himself  upon 
his  mother's  bosom,  and  wept  like  a  child.  He  turned 
away  for  the  stern  duties  that  awaited  him,  and  he 
never  saw  her  more. 

A  dilapidated  monument,  a  disgrace  and  a  shame  to 
our  nation,  half  finished  at  best,  and  in  ruins,  exists  at 
Fredericksburg,  bearing  the  inscription — "Mary,  the 
Mother  of  Washington."  The  time  will  come  when 
that  disgrace  will  be  removed.  The  dilapidated  col- 
umn will  be  rebuilded  with  beauty.  Chaplets  of  fra- 
grance will  be  hung  upon  it,  and  her  memory  will  be 
kept  green  who  gave  to  our  nation  the  peerless  and 
incomparable  Washington. 


MODERS  WOMEN.  461 


MODERN    WOMEN. 

In  the  reverses  and  commercial  disasters  that  attend 
the  street,  the  women  of  modern  New  York  take  their 
part.  If  they  are  brought  suddenly  to  affluence,  as 
suddenly  they  are  hurled  from  their  giddy  position. 
Women  in  stores  ;  earning  a  scanty  living  at  the  sewing 
machine ;  battling  with  want  at  embroidery ;  making 
shirts  and  sewing  on  other  material  at  starvation  prices ; 
keeping  boarding  houses  from  the  luxuriant  homes  on 
Fifth  Avenue  to  the  very  dens  in  Baxter  and  Water 
streets ;  clerks  in  stores ;  matrons  in  mission  and  reform- 
atory establishments ;  living  in  chambers,  and  thankful 
for  a  residence  in  a  tenement  house — these  women  have 
seen  the  day  when  they  gave  parties  to  the  ton,  when 
their  dinners  and  balls  were  "  the  rage,"  and  their 
fine  turnouts  on  the  Park  were  the  envy  and  admira- 
tion of  the  street.  The  wreck  of  domestic  happiness, 
the  sorrow  of  the  wife,  and  the  agony  of  children,  are 
the  saddest  things  connected  with  financial  reverses  in 
Wall  street.  It  is  common  to  charge  on  the  women 
of  this  day  the  extravagance,  luxury,  and  dissipation 
of  high  social  life.  For  recklessness  of  living  the  men 
are  much  more  culpable  than  women.  Many  a  woman 
would  joyfully  to-day  give  up  her  luxurious  mansion, 
gay  friends,  costly  parties,  diamonds,  and  horses,  if  she 
could  bring  back  the  Qld  comfort  of  her  humble  dwell- 
ing when  she  was  rich  in  domestic  comforts,  and  in 
her  husband's  society  and  love.  Many  a  successful 
man,  who  has  moved  into  his  four  story  browm  stone 
front,  with  all  its  modern  improvements,  would  give 
the  whole,  and  his  gay  associates  thrown  in,  if  he  could 


462  MODERN  WOMEN. 

recall  the  happy  hours  of  his  earliest  struggles,  when 
he  ate  when  he  was  hungry,  drank  when  he  was  dry, 
and  went  to  bed  when  he  pleased ;  was  not  the  slave 
of  the  dissipated,  reckless  and  fashionable,  who  eat  his 
dinners,  drink  his  expensive  wines,  and  ridicule  his 
pretensions.  An  ambitious  man,  successful  in  stocks, 
builds  his  fine  mansion,  decorates  it  gorgeously  and  at 
great  expense,  imports  his  furniture,  plate,  and  china, 
buys  his  costly  team,  puts  his  servants  in  livery,  and 
then  goes  on  to  the  street,  rubbing  his  hands,  and 
boasts  about  his  establishment,  his  turnout,  and  the  dia- 
monds and  furs  worn  by  his  wife,  who  when  he  fails 
attributes  the  disaster  to  the  extravagance  of  woman. 
Adam  was  a  mean  fellow  when  he  attempted  to  shift 
on  the  shoulders  of  his  wife  his  own  crime,  saying — 
".The  woman  whom  thou  gavest  to  be  with  me,  she 
gave  me  of  the  tree  and  I  did  eat."  But  he  was  no 
meaner  than  some  operators  on  Wall  street. 


XLV. 
MEN  OF  THE  BAR. 

Lawyers  on  the  Street. — Poor  Pat. — Eminent  Men. — George  "Wood — 
what  Mr.  Webster  said  of  him. — John  Graham. — The  McFarland 
Trial. — The  Recorder. — District  Attorney  Garvin. — Mr.  Graham 
on  the  Defence. — Mr.  Graham  after  the  Verdict. 

LAWYERS    OX    THE    STREET. 

From  the  earliest  time  the  most  eminent  lawyers 
in  New  York  have  had  their  offices  in  or  near  Wall 
Street.  Hamilton's  Law  Office  was  near  the  site  of 
the  present  bank  of  New  York.  Burr's  office  was  on 
Nassau,  a  short  distance  from  Wall  Street.  He  was 
counsel  for  the  association  that  desired  to  establish  the 
Manhattan  Bank,  and  prepared  that  sharp  piece  of 
practice  which  enabled  a  corporation  established  for 
manufacturing  purposes  to  become  the  great  moneyed 
institution  of  New  York.  The  most  celebrated  lawyers 
from  the  days  of  Hamilton,  have  found  it  profitable  to 
be  near  the  money  changers. 

It  was  on  the  corner  of  Wall  Street  and  Nassau 
that  Alexander  Hamilton  met  Rev.  Dr.  Mason,  then 
the  leading  Presbyterian  clergyman  of  New  York, 
when  General  Hamilton  had  just  returned  from  the 
Convention  which  had  formed  the  Constitution  of  the 
United  States.  "How  do  you  like  the  new  Constitu- 
tion?" said  Mr.  Hamilton  to  Dr.  Mason.     "You  have 

(463) 


464  LAWYERS  ON  THE  STREET. 

left  God  out  of  the  instrument,"  said  Dr.  Mason.  Paus- 
ing a  moment,  Hamilton  replied,  u  So  we  have  Doctor, 
we  forgot  that." 

Brains  and  integrity  are  indispensable  to  a  success- 
ful legal  career  in  the  metropolis.  There  are  Tombs 
lawyers  and  pettifoggers,  as  there  are  mock  auction- 
eers and  dishonest  tradesmen  on  Chatham  Street.  But 
these  have  no  standing,  socially,  or  in  the  profession. 
Men  who  command  an  income  of  ten  or  twenty  thous- 
and dollars  a  year,  in  the  profession  of  law,  must  be 
men  of  established  repute,  as  well  as  of  parts.  The 
most  profitable  portion  of  the  legal  profession  demands 
responsibility,  and  a  high  toned  moral  character.  Some 
of  the  most  successful  lawyers  never  go  into  court  at 
all.  They  are  referees — they  are  counsel;  and  banks 
refer  to  them  constantly.  They  give  judgment  on  a 
piece  of  paper,  on  which  hang  ten  thousand  dollars. 
Others  hold  immense  trust  funds  in  their  hands.  Some 
lawyers  confine  themselves  to  real  estate  practice. 
Some  men  will  not  buy  property  unless  certain  law- 
yers search  the  title.  The  Life  Insurance  Companies, 
generally,  for  example,  will  not  loan  money  on  property 
unless  the  titles  are  searched  by  certain  men  in  Wall 
Street — men  who  know  every  plot  of  ground  in  Xew 
York,  and  who  have  been  years  in  the  business. 
If  the  brokers  are  in  doubt  about  the  legality 
of  a  transaction,  they  hasten  to  a  Wall  Street  law- 
yer. They  must  propound  the  question,  and  get 
an  answer  in  a  moment,  for  heavy  sales  depend  upon 
it.  The  answer  is  given,  and  without  the  slightest 
hesitation  the  broker  buys  or  sells  on  the  opinion. 
This  class  of  lawyers  charge  enormous  feesj  their  rep- 


POOH  PAY. 

utation    is  their    capital.     It   is  a    common  thing   for 
busi  '.'li  to  retain  certain  eminent  lawyers      Some 

large  establishments  keep  their  own  counsel.  Stewart 
pays  an  ex-judge  a  large  salary  to  attend  to  all  his  legal 
business,  real  and  personal.  Claflin  has  a  legal  depart- 
ment in  his  store;  and  collections,  and  every  fori;, 
legal  business  are  conducted  under  his  own  eye.  Our 
large  railroad  companies  not  only  have  a  legal  depart- 
ment, but  keep  in  pay  the  most  distinguished  lawyers 
in  the  city.  The  banks  do  the  same  thing.  Many  of 
the  lawyers  indulge  in  stock  speculations  and  some 
have  been  very  successful ;  others  have  shared  the 
common  fate  of  men  who  make  ventures  on  the  street. 

POOR    PAY. 

Wall  Street  lawyers  like  Wall  Street  bankers,  are 
the  men  who  give  character  to  their  profession.  Out 
of  three  thousand  who  practice  law  in  New  York,  a 
very  small  part  get  their  living  by  practicing  that  pro- 
fession. They  are  brokers  "in  a  small  way,  dabble  in 
real  estate,  become  literary  critics,  and  eke  out  a  liv- 
ing in  various  ways.  About  a  dozen  lawyers  have  a 
national  reputation,  and  these  will  be  found  in  and 
around  Wall  Street.  These  form  a  select  society — 
socially  and  legally.  They  are  high  toned,  gentle- 
manly and  genial ;  among  whom  the  esprit  de  corps  of 
the  profession  is  found.  The  rest  of  the  profession 
have  very  little  in  common.  New  York  lawyers  have 
seldom  occasion  to  meet,  except  they  are  engaged  in 
the  same  individual  cause.  The  manner  in  which  suits 
are  brought  is  very  peculiar.  Till  the  trial,  every 
thing  is  done  out  of  court,  and  done  by  clerks,  stu- 
'    30 


466  EMINENT  MEN. 

dents  and  subordinates.  When  the  calendar  is  called 
it  is  watched  by  mere  boys,  and  leading  counsel  are 
seldom  seen  in  court  unless  an  important  motion  is  to 
be  argued,  or  the  case  is  actually  on.  Lawyers  of  note 
have  junior  partners  who  attend  to  all  the  preliminary 
details  of  the  suit. 

EMINENT    MEN. 

The  legal  business  of  New  York  is  broken  up  into 
departments  and  eminent  counsel  have  special- 
ties. One  class  devote  themselves  wholly  to  criminal 
practice;  others  confine  themselves  to  the  Federal 
Courts ;  some  are  commercial  lawyers,  others  conduct 
Admiralty  cases ;  one  class  are  Patent  lawyers ;  but 
the  most  successful  and  remunerative  practice  is  that 
connected  with  real  estate.  A  chain  of  titles  from  cer- 
tain lawyers  would  pass  all  the  parks  in  the  city. 

Charles  O'Connor  stands  at  the  head  of  the  profes- 
sion without  controversy.  James  T.  Brady  was  his 
successful  rival.  Since  his  death,  no  one  has  arisen  to 
take  his  place.  Mr.  Evarts  is  the  attorney  for  the  high- 
est toned  bankers,  merchants,  and  insurance  offices  in  the 
street.  He  is  one  of  the  ablest  lawyers  in  New  York, 
and  one  of  the  safest  counsellors.  David  Dudley  Field 
leads  in  a  certain  kind  of  practice.  He  is  the  shrewd- 
est and  most  successful  counsellor  at  the  New  York 
bar.  His  income  is  probably  larger  than  that  of  any 
lawyer  in  New  York.  He  is  very  successful  in  heavy 
railroad  suits,  patents  and  other  intricate  cases.  He 
would  not  be  taken  in  court  by  a  stranger  for  a  man 
of  any  mark.     He  has  a  sleepy,  indifferent  sort  of  look 


GEORGE  WOOD— WHAT  MR.  WEBSTER  SAID  OF  HIM.     4C7 

when  he  is  in  repose,  as  if  he  had  no  interest  in  any 
matter  at  all. 

GEORGE    WOOD WHAT    MR.   WEBSTER    SAID    OF    HIM. 

To  Mr.  Field  will  apply  the  remark  of  Mr.  Web- 
ster in  regard  to  George  Wood,  the  great  equity  law- 
yer. A  committee  called  on  him  to  retain  him  in 
the  great  Rubber  suit,  tried  in  New  Jersey.  The 
agreement  was  that  Mr.  Webster  was  to  have  a  retainer 
of  ten  thousand  dollars,  when  the  case  was  called,  and 
he  took  his  seat  at  the  table  as  counsel.  "  Who  is 
retained  on  the  other  side?"  said  Mr.  Webster.  The 
names  of  several  eminent  counsel  were  mentioned. 
Among  others,  the  gentlemen  named  that  of  a  Mr.  Wood 
of  New  York.  "A  sleepy  looking  man,"  they  said; 
uhe  don't  amount  to  much,  we  think."  "Is  it  Mr. 
George  Wood?"  asked  Mr.  Webster.  uYes,"  the 
committee  thought  the  gentleman  was  called  George 
Wood.  "Well  gentlemen,"  said  Mr.  Webster,  u  if  the 
other  side  have  retained  George  Wood,  and  he  is 
asleep  we  had  better  not  wake  him  up." 

JOHN    GRAHAM. 

Mr.  Graham  would  be  a  marked  man  any  where. 
He  is  now  quite  an  old  man,  but  in  criminal  cases,  he 
is  the  most  powerful  and  successful  advocate  at  the  bar. 
Pie  has  tried  the  great  criminal  cases,  and  always  on 
the  side  of  the  prisoner  for  the  last  quarter  of  a  cen- 
tury— including  Sickles,  Cole  and  McFarland.  Where 
the  bullet  was  winged  on  its  way  by  jealousy,  he  has 
been  successful  for  his  clients.  The  distinguished  men 
at  the  bar  who   tried  cases  with  him  thirty  years  ago, 


468  JOHN  GRAUAM.-THE  MCFARLAND  TRIAL. 

have  gone  down  to  the  grave.  He  stands  alone  as  the 
last  of  the  eminent  advocates,  who  at  one  time,  made 
the  bar  of  New  York  so  brilliant.  Mr.  Graham  is  of 
medium  size,  quite  stout  and  athletic.  He  wears  a 
huge  wig,  almost  yellow  in  its  color,  and  rolling  down 
in  different  directions  like  the  wig  of  John  Wesley, 
which  appears  in  his  pictures.  It  might  be  more 
becoming  than  it  is.  His  huge  Byron  collar  rolls 
loosely  down  his  neck.  His  cravat  secured  by  a  care- 
less, sailor's  knot,  indicates  the  ease  and  negligence  of 
the  wearer.  His  brawny  neck  almost  a  deformity, 
reveals  its  proportions  nearly  to  the  shoulders,  and 
shows  that  he  has  been  a  man  of  great  physical  strength. 
His  clothes,  careless  and  unprofessional,  look  like 
cheap  suits  bought  at  a  slop  shop,  and  put  on  without 
care.  He  walks  with  a  rolling,  waddling  gait,  and 
seems  to  scull  along  as  he  moves.  His  elocution  is 
faultless,  and  his  enunciation  clear,  smooth,  and  taking, 
recalling  Spurgeon  in  his  best  utterances.  He  is 
very  impassioned  at  times ;  bold,  daring,  defiant,  and 
says  things  that  few  men  would  care  to  think.  He  is 
bitter,  sarcastic,  and  scathing  when  he  chooses  to  be, 
to  a  terrible  degree.  These  outbursts  uttered  in  a  voice 
piercing  and  vehement,  are  often  followed  by  a  stroke 
of  pathos,  that  bring  tears  into  the  eyes  of  the  jury. 

THE   MCFARLAND    TRIAL. 

The  crowning  forensic  effort  of  Mr.  Graham's  life 
was  his  defence  of  McFarland  for  shooting  Richardson. 
He*had  been  deserted  by  one  counsel,  and  the  case  so 
far  as  the  argument  and  management  were  concerned, 


TI1E  RECORDER.  4G9 

devolved  on  him  alone.  One  of  Mr.  Graham's  traits  of 
character,  is  the  ability  to  make  his  client's  cause  his 
own.  He  took  McFarland's  view  of  his  case,  and  with 
vehemence,  almost  desperation,  he  tried  it.  Another 
thing  about  Graham  is,  that  he  sticks  to  his  client  till 
the  last.  In  his  own  phrase,  he  "  sticks  to  him  like  his 
skin."  There  has  certainly  never  been  a  trial  that 
excited  so  much  public  attention.  Richardson  w^as  a 
well  known  writer,  the  correspondent  of  one  of  the 
most  widely  circulated  journals,  and  belonged  to  a 
circle  of  men  and  women,  literally  sharp,  bold,  and 
earnest,  who  had  taken  it  upon  themselves  to  aid  Mrs. 
McFarland  in  her  separation  from  her  husband.  The 
party  were  charged  with  having  conspired  to  alienate 
the  affections  of  a  woman  from  her  husband, — which 
however,  was  not  proven, — and  to  protect  her  in  all  the 
steps  necessary  to  consummate  her  deliverance  from 
what  she  declared  her  most  wretched  condition. 

An  intercepted  letter  written  by  Mr.  Richardson  to 
McFarland's  wife,  fired  the  brain  of  McFarland.  The 
letter  encouraged  Mrs.  McFarland's  resolution  to  free 
herself  from  her  husband.  Subsequently,  McFarland 
met  Richardson  in  the  Tribune  office  and  fired  the  fatal 
shot. 

The  trial  lasted  over  twenty  days,  during  which  the 
excitement  and  interest  remained  unabated.  The  cen- 
tral figures  of  the  trial  are  worthy  to  be  photographed. 
The  densely  crowded  court  room  was  alive  with  inter- 
est. The  day  Mr.  Graham  summed  up,  spectators  were 
admitted  by  tickets.  At  least  two  hundred  ladies 
were  in  the  room,  and  they  swarmed  around  the  tables 
of  the  reporters. 


470  TEE  RECORDER. 


THE   RECORDER. 

The  central  figure  of  the  court  was  the  Hon.  John 
K.  Hackett.  He  is  a  splendid  specimen  of  a  man,  over 
six  feet  high,  graceful  and  courtly  in  his  proportions, 
with  a  full,  powerful  frame.  His  blue  eye  is  clear,  and 
his  voice  sonorous  and  musical.  His  manner  is  bland, 
but  very  decided  and  firm.  The  trial  had  produced  a 
very  marked  effect  on  the  recorder.  He  said  he  never 
knew  a  case  where  the  counsel  were  so  irritable  and 
belligerent,  treading  up  all  the  while  close  to  the  line 
of  forensic  courtesy.  As  the  trial  was  drawing  to  a 
close,  his  full,  robust,  and  vigorous  frame  seemed  to 
weaken,  and  he  looked  worn,  jaded,  and  sick.  His 
characteristics  are  sterling  integrity,  an  anxious  desire 
to  deal  fairly  with  all  who  come  before  him — with  a 
courteous  bearing  towards  belligerent  counsel,  that 
even  their  impertinence  cannot  mar.  Bold,  prompt, 
sharp,  and  clear-headed,  he  brings  the  gavel  down  in  an 
instant  and  his  rulings  are  clear  and  emphatic.  The 
public,  who  are  keen  t6  detect  the  slightest  leanings 
of  a  judge,  the  press  and  the  opposing  counsel,  all 
unite  in  awarding  to  the  Recorder  high  praise  for  his 
ability  and  impartiality  in  the  McFarland  trial.  The 
recorder  is  a  keen  sportsman  and  the  best  shot  in 
America.  He  can  knock  the  ashes  off  of  any  man's 
cigar  at  thirty  paces  who  has  courage  enough  to  hold 
it  in  his  mouth  when  Mr.  Hackett  fires.  Yery  confi- 
dential friends  have  allowed  him  to  shoot  a  dime  from 
between  their  fingers.  The  operation  is  perfectly  safe, 
but  it  is  not  recommended  to  timid  people. 


MR.  GRAHAM  FOR  THE  DEFENSE.  471 


DISTRICT    ATTORNEY    GARVIN. 

Judge  Garvin,  who  appeared  for  the  people  in  this 
case,  is  a  very  different  style  of  man  from  Mr.  Graham. 
He  is  a  man  of  remarkably  fine  presence,  and  one  of 
the  most  gentlemanly  advocates  at  the  bar.  lie  is  fit- 
ted for  the  bench;  and  the  quiet  and  dignity  of  judi- 
cial life  would  suit  him  better  than  the  turmoil  and 
labor  of  a  criminal  prosecution.  Judge  Davis,  who  was 
associated  with  Mr.  Garvin,  is  a  keen,  subtle,  and  irri- 
table advocate  of  the  Cassius  make,  and  in  temper  and 
audacity  would  match  any  man  at  the  bar.  It  was  ex- 
pected that  Judge  Davis  would  make  the  argument  for 
the  prosecution,  but  he  was  not  allowed  to  do  so. 

MR.    GRAHAM    FOR    THE    DEFENSE. 

Mr.  Graham  arose  amid  the  hushed  stillness  of  the 
crowd  to  make  the  plea,  on  which  hung  the  life  of  a 
human  being.  Before  him  sat  the  prisoner.  A  small, 
genteel-looking  man,  with  dark  curling  hair,  inclining 
to  gray,  a  face  marked  and  wrinkled  with  care,  sorrow, 
and  anxiety,  who  fastened  his  eyes  closely  on  his  ad- 
vocate, and  scarcely  took  them  off  during  the  fourteen 
impassioned  hours  of  the  argument.  Beside  him  was 
his  little  boy  "Dannie,"  who  sometimes  sat  on  his 
knee,  sometimes  hugged  him  round  the  neck,  some- 
times grasped  his  hand;  at  others,  cuddling  up  to  him, 
as  if  he  had  some  idea  of  the  peril  which  hung  over 
his  father. 

Mr.  Graham  was  perfect  master  of  the  case  commit- 
ted to  his  hands.  In  his  opening,  he  read  from  the 
arguments  of  Brady  and  Stanton,  on  the  famous  Sick- 


472  MR.  GRAHAM  AFTER  THE  VERDICT. 

les'  trial.  He  alluded  touchingly  to  the  fact,  that 
the  Judge  who  tried  that  case,  and  all  the  eminent 
counsel,  except  himself,  were  dead.  He  read  with 
terrible  effect  a  portion  of  Mr.  Stanton's  speech  on  the 
"frenzy"  of  Sickles — a  phrase  on  which  the  trial  ac- 
tually turned,  and  the  verdict  of  acquittal  was  rendered. 
He  described  the  friendship  between  Sickles  and  Key 
— the  base  use  made  of  that  friendship — the  siege  that 
was  planned  and  successfully  carried  out — the  aliena- 
tion of  the  wife's  affection — the  carrying  off  of  Sickles' 
little  girl — the  room  and  its  arrangements,  and  the 
flaunting  of  the  signal  on  the  morning  of  the  shooting 
in  the  very  eyes  of  Sickles.  Each  sentence,  as  it  was 
read,  was  applied  to  the  McFarland  case — the  inter- 
cepted letter,  answering  in  its  effect  to  that  which  the 
handkerchief  presented.  The  conclusion  of  Mr.  Stan- 
ton's argument  was  overwhelming.  Mr.  Graham  de- 
scribed Mr.  Stanton's  manner  as  he  read  his  words. 
He  lifted  his  hand  toward  heaven,  and  directed  his 
eyes  upward,  and  "thanked  God  that  he  had  directed 
the  swift-winged  bullet  to  avenge  the  wrongs  of  an 
outraged  home."  The  audience  quivered  under  the 
utterance.  The  recorder  wiped  his  eyes,  and  the  jury 
were  sensibly  affected.  When  Mr.  Graham  paused 
the  stillness  of  death  pervaded  the  room. 

MR.    GRAHAM   AFTER    THE   VERDICT. 

The  scene  that  followed  the  rendering  of  the  verdict 
has  never  had  a  parallel  in  the  history  of  the  New 
York  courts.  When  the  foreman  pronounced  dis- 
tinctly and  solemnly  the  words  "Not  Guilty,"  the  au- 
dience started  to  their  feet,  and  cheer  after  cheer  re- 


MR.  GRAHAM  AFTER  THE  VERDICT.  473 

sounded  through  the  room,  lasting  for  some  minutes, 
which  the  Judge  did  not  see  fit  to  check.  The  pris- 
oner was  forgotten  for  the  moment  in  the  ovation 
tended  to  the  advocate.  Men  shed  tears  as  they 
grasped  his  hand,  women  kissed  him,  and  prayed  on 
him  the  blessings  of  Heaven  ;  and  in  the  midst  of  the 
excitement  little  Dannie  sprang  from  his  chair,  waved 
his  handkerchief  and  led  the  cheering,  which  was  re- 
sumed. Mr.  Graham  turned  away  from  the  court-house 
fully  satisfied  that  he  would  try  but  few  more  such  ex- 
citing cases  as  that  which  was  just  closed.  UI  shall 
die  with  my  harness  on,"  he  said. 


XLVI. 
HORACE  B.  CLAFLIN. 

His  Commercial  Palace. — Mr.   Claflin's  personal  Appearance. — Ri- 
valry with  Stewart. 

The  list  of  financial  men  in  New  York  would  not  be 
complete  without  a  notice  of  that  remarkable  merchant, 
H.  B.  Claflin.  He  began  his  mercantile  career  in  the 
interior  of  Massachusetts,  where  he  purchased  goods 
in  the  smallest  w^ay,  and  was  his  own  expressman  and 
porter  in  conveying  his  purchases  from  the  warehouse 
of  the  merchant  to  his  own  humble  counter.  He  set 
up  an  establishment  in  Worcester,  and  was  celebrated 
for  his  enterprise  and  success,  his  fair  dealing,  popular 
manners,  and  democratic  ideas.  His  fortune  reached 
the  great  sum  of  $15,000.  When  it  was  known  that 
this  capital  was  to  be  taken  from  Worcester,  and  re- 
moved to  New  York,  the  town  was  greatly  moved  over 
the  loss  of  the  man,  and  more  over  the  loss  of  the 
money.  Such  a  heavy  drain  was  considered  especially 
damaging  to  the  business  prospects  of  that  flourishing 
town.  Thirty  years  ago  Mr.  Claflin  came  to  New  York 
and  opened  business  in  Cedar  street,  under  the  firm  of 
Buckley  and  Claflin.  His  first  sensation  was  created 
in  a  cellar  in  Broadway,  under  Trinity  Building,  where 
under  the  name  of  Claflin,  Mellen  &  Co.,  Mr.  Claflin's 

(474) 


BIS  COMMERCIAL  PALACE.  475 

enterprise  and  dash  brought  the  house  prominently 
before  the  country.  It  took  a  start  that  it  has  never 
lost,  and  it  has,  to-day,  no  rival  worthy  of  the  name 
except  Stewart. 

HIS    COMMERCIAL    PALACE. 

The  huge  warehouse  or  dry  goods  palace,  with  a 
frontage  of  one  hundred  feet  on  Church  street,  one 
hundred  feet  on  West  Broadway,  and  four  hundred  on 
Worth  street,  is  the  grandest  dry  goods  house  in  the 
world.  It  is  built  of  Nova  Scotia  sandstone,  in  a  tasteful 
style  of  architecture.  It  is  seven  stories  high,  and  is  fin- 
ished in  the  highest  style  of  art,  with  every  convenience. 
It  has  various  departments,  such  as  a  Flannel  Depart- 
ment, Dress  Goods,  Shawls,  Silks,  White  Goods,  Lace, 
Cloth,  Boots  and  Shoes,  Hosiery,  Notions,  and  Carpets. 
Each  department  is  as  distinct  as  if  it  were  a  separate 
establishment.  Each  has  its  own  head.  To  each  de- 
partment the  rent  is  charged,  gas,  clerk  hire,  etc.  All 
this  has  to  be  paid  out  of  the  sales  of  the  department ; 
after  which  the  profits  are  figured  up. 

The  second  floor  is  devoted  to  the  general  office 
of  the  concern — rooms  for  the  firm,  for  book-keepers 
and  cashiers,  of  which  there  is  a  small  army.  Mr. 
McNamee  is  at  the  head  of  the  credits  of  the  firm,  and 
all  who  wish  to  open  accounts  do  it  through  him.  The 
Post  Office  department,  costing  ten  thousand  dollars  a 
year,  the  Telegraphic  department,  and  the  Law  depart- 
ment,— for  Mr.  Claflin  keeps  his  own  lawyer  under  his 
roof  as  he  does  his  cashier — are  .complete  in  their  way. 

The  third  floor  is  a  curiosity.  It  is  appropriated  to 
merchants  and  to  out  of  town  customers  who  trade  with 


476  MR.  CLAFLIN'S  PERSONAL  APPEARANCE. 

the  house.  The  room  is  handsomely  carpeted,  and  to 
each  customer  is  assigned  a  desk  with  a  key  for  his  pri- 
vate use.  All  letters  sent  to  customers  are  taken  charge 
of  by  the  house,  and  delivered  as  regularly  as  at  any 
place  of  business.  All  letters  sent  from  this  room  are 
mailed  free  of  expense  to  the  writer.  Men  temporari- 
ly in  the  city  have  desks  assigned  them,  and  they  do 
their  business  as  regularly  as  if  in  their  own  counting 
rooms.  Firms,  located  in  Galveston,  New  Orleans, 
Charleston,  St.  Louis,  St.  Paul's,  keep  agents  in  New 
York.  These  have  desks  at  Claflin's,  with  the  names 
of  their  houses  in  conspicuous  places.  It  takes  seven 
hundred  men  to  run  this  establishment,  from  the  por- 
ter and  packer  to  the  guard  at  the  front  door.  The 
assortment  of  dry  goods  is  complete.  Everything  in 
the  line  that  can  possibly  be  desired  can  be  found 
under  one  roof.  Dry  goods,  dress  goods,  silks,  velvets, 
cottons,  prints,  boots  and  shoes,  hats,  clocks,  looking- 
glasses  ;  with  every  article  that  can  be  included  under 
the  significant  word — "notions.1' 

MR.    CLAFLIN'S    PERSONAL    APPEARANCE. 

A  visitor  might  stroll  through  this  immense  ware- 
house, up  stairs  and  down  stairs  for  a  week,  and  not  dis- 
cover any  man  whose  appearance  would  indicate  that 
he  was  the  vigilant,  indomitable,  persevering,  and  cele- 
brated head  of  this  distinguished  house.  In  the  cellar, 
on  the  dry  goods  floor,  in  the  office,  through  the  va- 
rious departments,  the  visitor  would  probably  pass  Mr. 
Claflin  a  dozen  times.  He  is  a  plain,  unpretending, 
modest  looking  man,  about  sixty  years  of  age,  a  little 
under  size,  genteelly  formed,  hair  light,  and  inclined 


}JR.  CLAFLOTS  PERSONAL  APPEARAN 

_     y.  and  head  quite   bald.      He   wear-  a  oomn 

-  s  .it  of  gray,   with   a  shaker  colored  slouched 
srs  a  face  rosy  as  a  mountain  nymph,  and  fresh  as 

a  pilot's.     He  seldom  speaks  :  when  he  does  it  is  aside. 

in  an  under  and  hi- v  is  i      ij  heard     He 

D  sit  on  a  box  of  g<:»ods.  braced  up  by  clasping  his 
knees  with  both  hands,  and  transact  business  with  the 
heaviest  merchants  in  the  land.  For  a  long  time  he 
took  charge  of  the  financial  department  himself,  mak- 
ing all  the  deposits  in  the  bank  with  his  own  hand. 
Till  recently  he  purchased  all  the  prints!  He  now 
lias  the  general  oversight  of  all  the  business.  He  comes 
early  in  the  morning,  seldom  later  than  nine  o  clock. 
He  remains  till  six.  later  if  the  business  of  the  da 
not  complete.  He  is  as  popular  in  his  establishment 
-  Stewart  is  personally  unpopular.  He  is  popular 
h  his  clerks,  who  serve  him  with  alacrity ;  popular 
h  the  trade,  who  buy  of  him  in  preference  to  Stew- 
art, when  they  can  get  the  class  of  goods  they  want, 
and  popular  with  the  great  manufacturers.  He  has 
exact  rules.  At  the  door  there  is  a  tell-tale  of  peculiar 
construction,  by  which  the  coming  and  going  of  ev 
man  is  marked.  If  a  person  is  late.  Mr.  Claflin  does 
not  fine  him  as  Stewart  does  :  but.  if  it  is  repeated,  a: 
the  close  of  the  season,  the  party  is  not  re-engaged. 
All  employees  are  required  to  enter  by  the  door  on 
Church  street.  To  all  the  rules  imposed  on  his  clerks 
Mr.  Claflin  adjusts  himself.  It  is  against  the  rules  to 
enter  on  the  Worth  street  side  of  the  establishme 
In  a  violent  storm.  Mr.  Claflin  has  been  known  to  walk 
the  whole  length  of  the  building,  rather  than  zo 
through  the  passage  prohibited  to  his  salesmen.     E  I 


478  RIVALRY  WITH  STEWART. 

ward  E.  Eames  ,one  of  the  partners,  is  about  forty  years 
of  age,  tall  and  slim,  with  black  hair;  quick  and  sharp, 
quite  a  business  man  of  the  Stewart  style,  and  not  a 
pleasant  man  to  be  under.  He  buys  the  domestic 
goods.  Edward  W.  Bancroft  is  a  sharp  business  man, 
and  conducts  the  department  of  finance.  He  is  agree- 
able and  gentlemanly,  but  has  none  of  the  enthusiasm 
and  elements  of  popularity  which  mark  Mr.  Claflin. 

RIVALRY    WITH    STEWART. 

The  great  millionaire  bears  no  love  toward  the  house 
of  Claflin  &  Co.  He  has  broken  down  several  estab- 
lishments, and  it  is  not  for  the  want  of  an  effort  that 
Claflin  himself  is  not  among  his  slain.  Once,  it  was 
thought  that  Claflin  would  have  to  succumb,  but  the 
merchants,  capitalists,  and  creditors  of  the  house  had 
so  much  confidence  in  Mr.  Claflin's  integrity  and  ability 
that  they  came  to  the  rescue  of  the  house,  saved  it  from 
going  down,  enabled  it  to  pay  one  hundred  cents  on  the 
dollar,  and  started  it  upon  a  career  of  unparalleled  suc- 
cess, which  ten  years  has  not  dimmed.  Claflin's  sale  of 
dry  goods  is  greatly  in  advance  of  Stewart's;  but 
Stewart's  immense  capital  enables  him  to  control  im- 
portant lines  of  goods,  and  compel  a  trade  from  mer- 
chants who  do  not  like  him.  He  bulls  and  bears  the 
market  in  dry  goods  at  pleasure,  and  would  break 
down  every  large  house  in  New  York  if  he  could.  If 
he  wants  a  line  of  carpets,  he  advances  a  hundred 
thousand  dollars  capital  to  the  manufacturer.  He 
does  the  same  for  a  certain  line  of  cottons  and  other 
goods.     By  means  of  his  capital,   he  secures  the  best 


RIVALRY  WITH  STEWART.  479 

style  of  imported  goods.  He  controls  every  glove 
made  by  Alexander  sent  to  this  country,  and  sells  out 
of  his  own  house  a  million  of  dollars  worth  a  year. 
Every  little  while  he  throws  a  line  of  goods  on  the 
market  cheap,  to  wake  merchants  up. 

He  is  a  very  hard  man  on  credits.  If  a  man 
wishes  to  open  a  credit  with  his  house,  he  has  a  list 
of  questions  that  have  to  be  answered.  He  must 
tell  how  old  he  is,  wdiether  he  is  married  or  single, 
how  many  children,  how  much  he  owes,  how  much 
it  costs  him  to  live ;  whether  he  drinks  or  gambles, 
and  other  questions.  Many  merchants  refuse  to  an- 
swer these  questions,  regarding  them  as  imper- 
tinent. On  all  these  points,  Mr.  Claflin  differs  from 
Stewart.  He  does  not  cage  himself  up  and  hedge  him- 
self round  with  officials.  He  is  all  over  the  establish- 
ment with  his  porters  and  clerks,  book-keepers  and 
salesmen.  He  is  genial,  humorous,  affable,  and 
friendly.  He  is  very  liberal  in  the  matter  of  credits. 
If  a  man  stands  fair  in  the  community,  he  can  get  a 
line  of  goods  at  the  house.  He  is  very  considerate  to 
his  clerks,  and  makes  them  feel  that  they  are  a  part 
of  the  establishment.  Still  there  is  but  one  head,  and 
all  understand  that.  Mr..  Claflin  is  very  liberal  in  his 
donations,  and  his  private  gifts  are  very  large.  He  is 
as  simple  hearted  as  a  child.  He  can  be  seen  on  Sun- 
days in  the  infant  department  of  the  Sunday  School, 
with  some  fatigued  and  weary  little  child  on  his  knee, 
joining  with  the  class  in  singing  "  the  sweet  story  of 
old,  when  Jesus  was  here  among  men." 


XL  VII, 

HALF  A  CENTURY  IN  WALL  STREET. 
ROMANCE  OF  BUSINESS. 


Arthur  Tapp an. — How  a  Millionaire  was  Made. — Stephen  Whitney. — 
Henry  Keep's  Start. — Peter  Gilsey. — Amos  R.  Eno. — John  J.  Cisco. — 
William  B.  Duncan. — John  Hancock  in  New  York. — Etiquette  with 
Washington. — Rival  Political  Savans — Presbyterian  Church  on 
Wall  Street. — Robert  Lennox's  Pew. — Billy  Gray's  Coachman. — 
Anecdote  of  Webster. — The  King's  Tea  Trade. — Bulls  and  Bears 
in  Real  Estate. — Cornering  Merchandise. — Father-in-Law  of  Pen- 
niman. — Preserved  Fish. — Mayor  Lawrence. — Old  Style  of  Mer- 
chants.— Huge  Rail  Road  Speculations. — E.  D.  Morgan  in  Trade. — 
Mayor  Mickel. — Old  Abraham  Beninger. — Lindley  Murray. — Hoe's 
Early  Life. — Schuyler  Livingston. — Irving's  Law  Office. — Davies 
and  Delevan. — Wilder  and  the  Tract  Society. — Bishop  Provost. — 
Girard  the  Lawyer. 


ARTHUR    TAPPAN. 

Half  a  century  ago,  Wall  Street  was  the  centre  of 
a  heavy  dry  goods  trade  of  the  city.  Where  Pearl 
street  intersects  Wall,  the  autocrats  of  trade  had  their 
stores  and  counting  rooms.  What  is  now  known  as 
Hanover  Square,  the  nestling  place  of  commercial  law- 
yers, Arthur  Tappan  had  his  famous  dry  goods  store. 
He  was  the  Stewart  of  his  day.  His  trade  towering 
up  to  two  millions  a  year,  was  considered  stupendous. 
The  Tappans  came  from  Boston.  They  were  all  Uni- 
tarians, and  members  of  Dr.  Channing's  congregation. 
Lewis  came  out  of  the  war  of  1812  with  a  fortune  of 

(430) 


HOW  A  MILLIONAIRE   WAS  MADE.  481 

$80,000.  Arthur  lost  all  he  was  worth.  Arthur  wanted 
to  do  business  in  New  York,  and  proposed  to  make 
silks  a  specialty.  Lewis  loaned  his  brother  $10,000, 
and  with  that  he  set  up  business  in  New  York.  Lewis 
remained  in  Boston  in  business  till  he  lost  all  his 
money.  He  succeeded  in  paying  his  debts  except 
$10,000  due  to  his  brother  John.  Lewis  joined  the 
firm  in  New  York,  and  it  became  one  of  the  most  cele- 
brated of  its  day.  Soon  after  Arthur  opened  business 
in  New  York,  his  wife  urged  him,  as  there  was  no 
Unitarian  church  in  the  city,  to  attend  with  her  upon 
Dr.  Mason's.  Arthur  consented  to  hire  a  pew  for  six 
months  and  accompany  his  wife,  with  the  understand- 
ing that  if  he  did  not  like  it  at  the  expiration  of  the 
time,  he  should  not  be  obliged  to  attend  longer.  He 
became  greatly  interested  in  Dr.  Mason's  preaching. 
Before  the  six  months  were  out,  he  became  a  member  of 
the  church,  and  from  that  time  threw  his  influence  on 
the  Evangelical  side  of  religion.  Mr.  Tappan  had 
many  of  the  business  traits  which  distinguish  Stewart. 
He  was  quiet,  straight  forward  and  energetic,  a  man  of 
few  words  and  those  to  the  point.  His  executive 
ability  was  unequaled,  and  his  integrity  no  man  ques- 
tioned. 

HOW   A    MILLIONAIRE    WAS   MADE. 

After  Mr.  Tappan  united  with  Dr.  Mason's  church, 
he  became  very  celebrated  for  his  activity  in  religious 
affairs.  He  was  especially  interested  in  the  cause  of 
Foreign  Missions,  and  a  large  contributor  to  its  funds. 
He  received  one  day  from  the  interior  of  Massachu- 
setts, a  package  of  silk  buttons  in  imitation  of  the  iin- 
*31 


482  HOW  A  MILLIO NAIRE  WAS  MADI . 

ported  article.  These  buttons  were  made  by  a  young 
woman,  and  were  sent  to  Mr.  Tappan  to  be  disposed  of. 
The  story  that  accompanied  the  package  was  very 
touching.  A  young  mechanic  resided  near  Northampton 
who  was  quite  a  religious  young  man,  and  resolved  to 
devote  a  portion  of  his  earnings  to  the  cause  of  religion. 
Returning  to  his  home  one  evening,  he  seemed  to  be 
very  much  dispirited,  and  his  wife  anxiously  inquired 
the  cause.  He  said  he  felt  sad  because  he  was  too 
poor  to  make  a  contribution  to  the  cause  of  Foreign 
Missions.  He  gave  what  he  could  to  religion.  His 
associates  were  making  up  a  contribution,  and  he  was 
ashamed  that  he  could  not  make  a  donation  equal  to 
others.  His  wife  obtained  a  silk  imported  button. 
She  took  it  to  pieces,  discovered  how  it  was  made 
and  resolved  to  try  her  hand  at  button  making.  She 
purchased  some  twist,  and  button  molds,  and  succeed- 
ed in  making  a  few  dozen  in  a  very  creditable  manner. 
She  had  heard  of  Mr.  Tappan  and  his  interest  in  the 
mission  cause,  and  she  begged  him  if  the  buttons  would 
bring  anything  to  dispose  of  them  and  appropriate  the 
money  as  a  donation  from  her  husband  to  Foreign 
Missions.  This  style  of  button  had  heretofore  been 
imported,  and  this  was  the  first  attempt  at  domestic 
manufacture.  The  article  sold  readily  and  Mr.  Tappan 
wrote  to  the  lady  that  he  would  purchase  all  the  but- 
tons she  could  manufacture  of  that  style.  The  busi- 
ness grew  on  the  hands  of  the  woman.  Her  husband 
came  to  her  rescue.  Machinery  followed  the  manufac- 
ture by  hand ;  wealth  poured  in ;  the  manufacturer 
became  a  millionaire  and  his  establishment  for  the 
.manufacture  of  buttons  became  the  most  extensive  and 


HOW  A  MILLIONAIRE  WAS  MADE.  483 

celebrated  in  the  land.  His  liberality  has  kept  pace 
with  his  wealth,  and  for  half  a  century  he  has  been 
among  the  most  liberal,  considerate  and  bountiful 
benefactors  to  religion,  humanity,  and  education  that 
this  country  has  produced. 

Mr.  Tappan  commenced  his  trade  in  1818.  In  1826, 
he  divided  with  his  three  partners  $131,000.  In  thir- 
teen and  a  half  years,  his  gross  profits  amounted  to 
1,400,000.  In  1831,  Mr.  Tappan  left  the  Coloniza- 
tion Society,  and  became  an  advocate  for  the  English 
system  of  abolition.  He  was  one  of  the  original  found- 
ers of  the  Journal  of  Commerce,  with  David  Hale  for  an 
editor.  Mr.  Hale  did  not  agree  with  Mr.  Tappan  in 
the  Abolition  question,  or  in  the  rejection  of  theatrical 
and  kindred  advertisements  in  the  papers,  and  he  pur- 
chased of  Mr.  Tappan  his  interest  in  the  Journal  of  Com- 
merce, giving  his  notes  which  were  to  run  for  a  series 
of  years.  These  notes  were  promptly  paid  as  they 
matured. 

Not  content  with  the  private  advocacy  of  his  views 
on  slavery,  Mr.  Tappan  issued  a  circular,  which  he  sent 
to  all  his  customers  at  the  South,  not  only  losing  the 
Southern  trade,  but  securing  a  correspondence  that 
was  quite  suggestive.  Huge  packages  came  to  the 
store,  which  contained  halters  and  bits  of  rope,  sug- 
gestive of  hanging,  with  the  ears  and  fingers  of  slaves. 
Parties  from  the  South  traded  privately  with  the  Tap- 
pans,  coming  in  at  the  back  door,  for  not  a  yard  of 
goods  could  have  been  sold,  had  it  been  known  that 
they  were  bought  of  this  house.  Arthur  Tappan  was 
a  very  bold  man,  and  when  Lewis'  house  in  Rose  street 
was  mobbed  in  1833,   Arthur  was  the  especial  object 


484  STEPHEN  WHITNEY. 

of  vengeance.  Lewis  and  his  family,  duly  warned, 
were  away.  But  Arthur,  dressed  in  a  white  cap  and 
jacket,  attempted  to  save  Lewis's  furniture  from  de- 
struction. Lawrence,  the  Mayor  of  the  city,  was  at- 
tracted by  the  activity  of  Mr.  Tappan,  and  inquired  of 
some  of  his  friends  who  he  was.  In  a  whisper,  some 
one  said,  "  It  is  Arthur  Tappan."  "  Tell  him  to  retire," 
said  the  Mayor,  "  I  cannot  defend  him  here."  When 
his  store  was  attacked,  there  were  twelve  armed  men 
inside,  with  twenty-four  stand  of  arms ;  the  door  was 
barricaded  with  counters,  and  the  mob  were  given  to 
understand  that  they  would  meet  with  a  warm  recep- 
tion if  they  came  too  near.  The  rioters  contented 
themselves  with  hurling  missiles  at  the  door,  and  break- 
ing a  few  panes  of  glass. 

STEPHEN    WHITNEY. 

Mr.  Whitney  was  the  last  of  the  old  merchants  who 
resided  down  town.  He  clung  to  his  residence  at  the 
Battery  to  the  very  last.  His  old  associates  left  him 
one  by  one ;  palatial  mansions  came  down ;  trade 
surged  around  his  dwelling ;  the  Battery  was  shorn  of 
its  beauty  and  became  a  nuisance,  dilapidated  and 
crowded  with  emigrants ;  the  dwellings  of  merchant 
princes  were  turned  into  warehouses  and  offices,  or 
occupied  by  a  degraded  population ;  but  Mr.  Whitney 
went  in  and  out,  a  solitary  resident,  where  the  fashion- 
able, the  rich,  and  the  gay  had  dwelt,  and  never  left 
his  abode  till  he  was  carried  to  that  house  appoint- 
ed for  all  living.  He  began  business  in  a  humble  way 
as  a  grocer,  and  invested  his  earnings   in  real  estate. 


HENRY  KEEP'S  START.  485 

He  left  when  he  died  ten  millions  behind  him.  A 
gruff  lawyer  was  questioned  in  regard  to  Mr.  Whitney's 
estate.  "  You  had  charge  of  Mr.  Whitney's  property/' 
said  a  gentleman  of  an  enquiring  turn  of  mind.  "  I  had," 
was  the  reply.  u  He  was  rich,  was  he  not  ?"  "That  is  the 
general  impression,"  said  the  lawyer.  "  Do  you  know 
how  much  property  he  left?"  "I do,"  said  the  legal 
gentleman.  u  Would  you  have  any  objection  to  tell 
me  ?"    "  Not  in  the  least,  sir,  not  in  the  least.     Mr. 

Whitney,  sir,  when  he  died  left  every cent  he  was 

worth." 

HENRY    KEEP'S    START. 

The  early  life  of*  Henry  Keep,  the  Railroad  million- 
aire, was  quite  romantic.  His  early  years  were  passed 
in  a  poor  house.  He  was  taken  from  that  institution 
at  the  age  of  ten  years,  and  "  bound  out."  He  ran 
away  from  his  master  several  years  later,  and  was  ad- 
vertised as  a  runaway,  with  one  cent  reward  offered 
for  his  capture.  He  was  not  brought  back,  however, 
and  soon  turned  up  as  a  teamster  at  Watertown,  N.  Y. 
Then  he  became  a  hackman.  In  those  days  Canada 
shillings  were  plenty  and  current  in  the  States  at  twenty 
cents,  while  over  the  border  they  brought  twenty-five 
cents.  Young  Keep's  eye  sighted  a  chance  for  a  suc- 
cessful financial  scheme.  Carpet  bag  in  hand,  he  jour- 
neyed about,  gathered  up  the  coins  and  took  them  to 
Canada,  where  he  made  the  profitable  exchange.  There 
were  no  duties.  No  one  had  previously  thought  of  this 
itinerating  brokerage  business,  and  he  made  hand- 
somely by  it.  After  a  time,  he  settled  in  business  and 
opened  an  Exchange  office  in  a  small  way  at  Water- 


486  PETER  GILSEY. 

town.  A  citizen  of  that  town,  rich  in  goods  and 
daughters,  was  very  much  opposed  to  Henry,  but  one 
of  the  daughters  was  not.  This  old  man,  whose  name 
was  Woodruff,  swore  he  would  shoot  Keep,  and  an 
elopement  followed.  The  widow  of  Mr.  Keep  has  her 
millions  from  the  estate  accumulated  by  the  man  with 
whom  she  ran  away  by  night  to  get  married. 

PETER    GILSEY. 

This  gentleman  is  one  of  the  most  successful  finan- 
ciers in  New  York.  He  began  life  very  poor.  He 
came  to  the  surface  as  the  keeper  of  a  small  cigar  store, 
on  Broadway.  He  gave  attention  early  to  real  estate, 
and  has  been  content  to  seek  for  wealth  in  that  class 
of  investments.  The  large  building  on  Broadway  and 
Courtlandt  street,  known  as  Gilsey  Building,  is  a  good 
specimen  of  his  forecast  and  thrift.  The  site  was  con- 
sidered a  valuable  one,  and  several  persons  attempted 
to  obtain  it  on  lease.  The  owner  resided  on  Long 
Island,  and  was  noted  for  his  love  of  whiskey  and 
cigars.  He  was  a  shrewd,  cautious,  "skittish"  sort  of 
a  man  to  deal  with,  and  no  party  had  been  able  to 
bring  him  to  terms.  With  a  good  supply  of  fine  liquor, 
and  a  quantity  of  well  selected  cigars,  Mr.  Gilsey  vis- 
ited the  owner  in  his  domicil  on  Long  Island.  Who 
drank  the  whiskey,  and  who  smoked  the  cigars  is  not 
known.  But  Mr.  Gilsey  brought  back  a  well  executed 
lease,  giving  him  control  of  the  property  for  twenty- 
five  years.  He  paid  a  small  ground  rent,  and  agreed 
that  whatever  building  he  put  up  on  the  prop- 
erty should  be   left   to  the  owner  of  the  land  when 


PETER   GILSEY.  "487 

the  lease  expired.  While  labor  and  material  were 
very  low,  the  fine  Gilsey  Building  was  put  up,  costing 
it  is  said,  $G0,000.  The  lease  has  proved  a  rich  placer, 
the  rentals  paying  for  the  building  the  first  year, 
Since  1861,  the  income  from  the  building  has  exceed- 
ed ST 5, 000  dollars  a  year.  In  the  upper  part  of 
Broadway,  Mr.  Gilsey  put  up  several  stores  which 
would  not  rent.  He  immediately  broke  them  up  into 
little  shanties,  about  twelve  feet  front  and  thirty  deep, 
and  while  they  add  little  to  the  elegance  of  upper 
Broadway,  they  have  proved  a  success  to  the  lessor. 
What  is  now  the  Coleman  House  was  on  his  hands  and 
unrentable.  He  turned  the  whole  block  into  a  hotel, 
made  large  stores  underneath  into  small  ones,  and 
the  whole  became  a  splendid  paying  property.  Mr. 
Gilsey  is  one  of  the  few  men  who  have  never  met  with 
reverses  in  New  York.  It  is  said  that  from  the  time 
he  commenced  his  small  trade  in  cigars,  he  never  lost 
payment  in  a  single  instance.  He  has  never  lost  a 
quarter's  rent  and  has  made  money  out  of  everything 
he  has  touched.  He  has  a  multitude  of  tenants,  and 
has  a  written  lease  for  them  all.  It  is  a  lease  such  as 
Blackstone  and  Kent  never  knew.  It  is  drawn  by 
himself  and  places  the  tenant  completely  in  the  power 
of  the  landlord.  Mr.  Gilsey  has  a  short,  sharp  way 
of  doing  business.  A  man  applies  for  a  store  ;  the 
rent  is  named  and  the  lease  thrown  down.  No  words 
are  wasted.  The  landlord  says,  "I  have  no  time  to 
bother,  if  you  want  the  store  take  it ;  if  you  don't, 
clear  out,  my  time  is  too  precious  to  waste."  In  nine 
cases  out  of  ten,  the  lease  is  signed ;  payment  in 
advance,  or  immediate   ejection.     Mr.  Gilsey  adheres 


488  AMOS  R.  ENO.— JOHN  J.  CISCO. 

to  his  original  trade.  His  store,  corner  of  Broadway 
and  Courtlandt  streets,  is  one  of  the  finest  stands  in  the 
city,  and  his  business  is  large. 

AMOS   R.    ENO. 

Mr.  Eno  began  trading  in  a  very  small  way.  He  and 
his  partner,  John  J.  Phelps,  had  some  difference  about 
investments.  Mr.  Phelps  believed  that  a  merchant 
should  stick  to  his  business,  and  not  meddle  with  out- 
side matters.  Mr.  Eno  had  great  faith  in  real  estate. 
Quite  an  amount  stood  in  the  name  of  the  firm.  One 
day  Mr.  Phelps  said,  "  I  do  not  like  this  real  estate 
business.  I  don't  like  our  investments."  "Well," 
said  Mr.  Eno,  "I  will  take  all  the  real  estate,  and  you 
may  take  the  goods,  and  we  will  separate."  He  con- 
tinued to  make  heavy  investments  till  he  possessed 
himself  of  the  most  valuable  property  in  New  York. 
Several  times  he  came  very  near  going  under.  After 
the  Fifth  Avenue  Hotel  was  nearly  complete,  the  work 
was  suspended  in  consequence  of  temporary  embar- 
rassment. But  he  held  on,  and  carried  his  enterprises 
along.  The  Fifth  Avenue  Hotel  alone  pays  him  an 
interest  of  two  millions  of  dollars.  He  is  worth  seven 
millions  to-day. 

JOHN   J.    CISCO. 

This%  celebrated  banker  was  one  of  the  most  able 
and  honest  men  that  ever  held  the  position  of 
United  States  Treasurer  in  New  York.  He  began 
business  as  a  cloth  merchant,  and  his  store,  quite  a 
small  one,  was  on  the  corner  of  William  street  and 
Liberty. 


WILLIAM  Li.  DUNCAN.  439 


WILLIAM    B.    DUNCAN. 

Mr.  Duncan,  of  the  firm  of  Duncan,  Sherman  &  Co., 
came  from  Rhode  Island.       His    father  was  wealthy, 

and  he  established  himself  in  banking  at  the  start. 
lie  established  one  of  the  most  reputable  houses  in 
America,  He  died  abroad,  a  very  rich  man.  His 
mansion  on  Staten  Island  is  one  of  the  finest  in  the 
state.     It  is  valued  at  $250,000. 

JOHN  HANCOCK  IN  NEW  YORK. 

The  father  of  William  M.Tweed  had  a  fine  mansion  on 
the  corner  of  Dover  street,  "When  the  Continental 
Congress  met  in  1786,  John  Hancock,  the  Presi- 
dent, resided  in  Mr.  Tweed's  mansion,  where  he 
maintained  a  semi-royal  style.  Hancock  was  a  weal- 
thy merchant  and  stood  upon  his  dignity.  It  is  well 
known  that  he  refused  to  call  on  General  Washing- 
ton, lest  he  should  compromise  himself,  insisting  that 
it  was  the  President's  duty  to  call  on  him.  Han- 
cock thought  better  of  the  matter,  and  made  a  very 
formal  call  on  General  Washington.  During  the  sit- 
ting  of  Congress  in  Wall  Street,  party  feeling  ran 
very  high.  On  the  site  where  the  Astor  House  now 
stands,  stood  an  Ice-cream  garden,  patronized  by  the 
Federalists,  and  on  pleasant  afternoons,  Hamilton,  Jay, 
King,  and  men  of  that  class,  with  their  families  and 
friends,  assembled  for  a  promenade.  A  block  above 
stood  the  rival  Garden  patronized  by  the  old  Knicker- 
bockers of  the  city. 

Half  a  century  ago  the  First  Presbyterian  Church 
was  located  in  Wall  Street,  and  the  leading  merchants 


490  JOHN  HANCOCK  IN  NEW   YORK. 

of  the  city,  people  of  fashion  and  position  worshiped 
within  its  walls.  Here  the  courtly  Phillips  began  his 
ministry,  which  ran  on  smoothly  for  half  a  century.  It 
was  in  the  vestibule  of  this  church  that  Mr.  Lennox  plac- 
ed his  eye  on  a  young  man  evidently  from  the  country. 
The  cut  of  his  clothes,  the  style  of  his  dress,  his  un- 
polished boots,  coarsely  made,  and  ill-fitting;  his  awk- 
ward and  astonished  manner,  proclaimed  him  a  stran- 
ger in  New  York.  Mr.  Lennox  approached  him  and 
said,  "Young  man,  shall  I  give  you  a  seat?"  He 
thanked  the  gentleman  and  followed  him  to  a  pew.  It 
was  a  seat  in  the  centre  aisle,  and  around  him  sat  the 
most  eminent  men  of  the  nation.  Mr.  Lennox  took  a 
seat  beside  the  stranger  who  little  knew  the  distin- 
guished company  in  which  he  was  placed.  The  young 
man  had  come  to  New  York  to  do  business.  He  bore 
letters  to  a  merchant,  and  his  purpose  was  to  open  a 
•  little  store,  if  he  could  obtain  goods  on  credit.  He 
called  on  the  merchant  and  delivered  the  letter.  The 
trader  gave  him  a  sharp  searching  look,  and  said  : 
Young  man,  did  I  not  see  you  in  Mr.  Lennox's  pew 
yesterday?"  "I  was  at  church  yesterday,"  was  the 
reply,  "  and  sat  with  a  gentleman.  I  don't  know  his 
name."  ."Well,"  said  the  merchant,  "that  was  Rob- 
ert Lennox  that  you  sat  with,  and  I  will  trust  any 
man  with  a  bill  of  goods  whom  Robert  Lennox  will 
invite  into  his  pew."  That  young  stranger  was  the 
late  Mr.  Sturges,  the  eminent  merchant.  He  attribu- 
ted his  success  in  life  to  attending  church  on  that  Sun- 
day in  Wall  Street,  and  sitting  in  the  pew  of  Robert 
Lennox. 


NATHAN  Pill  ME.  491 


NATHAN    PRIME. 

Nathan  Prime  was  one  of  the  eminent  men  of  the 
Street,  He  founded  the  celebrated  Banking  house, 
known  as  the  house  of  Prime,  Ward  &  King  in  1796. 
He  was  a  Boston  boy,  and  attained  the  dignity  of  then 
being  coachman  to  "Billy  Gray,"  the  richest  man  in 
New  England.  Mr.  Prime  obtained  from  his  former  mas- 
ter the  loan  of  a  small  sum  of  money  with  which  he  com- 
menced business  in  Wall  Street.  In  a  very  small  way 
he  began  "  shaving  notes,"  as  the  business  was  then 
known,  better  known  in  modern  parlance  as  "  discount- 
ing paper. "  One  member  of  the  house  of  Prime,  Ward  & 
King,  was  James  G.  King,  son  of  Rufus  King.  He  was 
a  great  as  well  as  a  life  long  friend  of  Daniel  Webster. 
Mr.  Webster  loved  him  for  his  father's  sake.  Mr. 
Webster  selected  the  law  as  his  profession.  To  the 
great  scandal  of  the  family,  Webster  rejected  the  offer 
of  a  clerkship  to  the  court  with  a  salary  of  81,500 — a 
large  sum  in  those  days.  Mr.  Webster  was  a  Judge, 
and  exerted  his  official  influence  to  get  his  son  the 
position  of  clerk.  He  was  thoroughly  angry  when 
his  son  said  to  him:  "I  intend  to  utter  my  own 
thoughts,  and  not  register  those  of  other  men."  In 
answer  to  the  resolution  that  he  intended  to  practise 
in  the  courts  and  not  keep  the  records,  his  father  said, 
uThe  profession  is  crowded."  "There  is  plenty  of 
room  at  the  top"  said  Daniel.  Having  learned  all  that 
he  could  in  New  Hampshire,  Mr.  Webster  left  his 
home  to  seek  his  fortune  in  Boston.  His  brother 
Ezekiel  was   keeping   school  in  Kingston  street,  and 


492  N.  L.  AND  G.  G MS  WOLD. 

Daniel  took  his  place  one  day,   and   among  his  pupils 
was  Edward  Everett.     Mr.    Gore,   afterwards  known 
as  Governor  Gore,  stood  at  the  head  of  his  profession. 
He  was  astonished  one  morning   to  find  before  him  a 
tall,  slim,  dark  complexioned   young   man,   coarsely 
dressed,  in  a  homespun  suit,  woven,  dyed,  and  made  by 
his  mother,  with  a  manner  in  which  bashfulness  and  as- 
surance struggled  for  the  mastery — who  had  no  recom- 
mendations, and  was  an  entire  stranger  to  Mr.  Gore — 
who  announced  himself  as  Mr.  Webster  of  Salisbury. 
"  I  have  come  to  study  law  in  your  office,  Mr.  Gore," 
he  said. .  "I  have  come  to  work  and  not  to  play,"    The 
astonished  advocate  invited  the  rustic  lad  to  a  seat, 
and  he  began  his  life-long  work   in  the  law.     Rufus 
King  at  that  time  was  one  of  the  foremost  men  in  the 
country.     While  Mr.  Webster,  an  unknown  student,  a 
stranger  to  all  in  Boston,  and  struggling  with  poverty, 
was  sitting  at  his  table,  Mr.  King  came  into  the  office. 
He  came  up  to  Mr.  Webster,  made  some  inquiries  about 
his  studies,  spoke  a  kind  word  to  him,  gave  him  some 
good  counsel,   and  departed.     It  was  the  first  word 
of  cheer,  Mr.  Webster  said,  that  he  ever  received,  and 
it  followed  him  through  all  his  life.    It  made  the  friend- 
ship of  Daniel  Webster   and   J.  G.  King  like  that  of 
David  and  Jonathan. 

N.    L.    AND    G.    GRISWOLD 

Were  known  as  a  China  house,  so  called,  being  large 
importers  of  tea.  Business  was  done  very  differently 
fifty  years  ago  from  what  it  is  now.  When  a  cargo  of 
tea  arrived,  it  was  not  broken  up  in  parcels  auddistrib- 


JOHN  MC  CREA.—JOUN  A.  MOORE.  493 

uted,  but  sold  usually  in  one  lot.  It  required  a  large 
capital  to  purchase  an  entire  cargo,  and  few  houses 
were  able  to  do  this;  $260,000  in  gold  were  necessary 
to  buy  a  cargo  of  tea,  and  the  duty  on  tea  was  enor- 
mous. The  Griswolds  were  successful  competitors 
with  John  Jacob  Astor  in  this  huge  trade. 

JOHN   MCCREA. 

He  was  a  bold  daring  speculator  in  real  estate,  and 
often  borrowed  of  the  United  States  Bank  for  speculat- 
ing purposes,  sums  as  high  as  $250,000.  He  kept  his 
accounts  in  his  head.  He  had  no  books  for  his  accounts. 
His  complicated  business  was  never  entangled.  The 
little  memoranda  that  he  kept  were  on  backs  of  letters 
and  slips  of  loose  paper. 

JOHN   A.    MOORE, 

Was  celebrated  as  the  great  Bull  of  Mercantile  life. 
His  store  was  on  the  corner  of  Broad  Street.     He  cor- 
nered sugar,  coffee,   flour,  copper,  and  anything   on 
which  he  could  make  money.     He  often  invested  half 
a  million  in  his  Coffee  speculations  alone. 

Delaplain  &  Co.,  a  large  house  in  the  Mediterranean 
trade,  excited  the  ridicule  of  the  street  by  putting  a 
granite  front  to  a  wooden  store. 

Philip  Hone  and  John  Hone,  names  celebrated  in 
after  times  in  aristocratic  New  York  life,  began  busi- 
ness as  auctioneers  in  a  small  way  on  the  corner  of 
Pearl  and  Wall  Streets.  The  father-in-law  of  James 
F.  Penniman,  who  at  one  time  led  the  fashionable  so- 
ciety of  New  York,  was  Samuel  Judd,  a  very  wealthy 


494    FISH  AND  GRINNELL.— MAYOR  LAWRENCE,  ETC. 

trader  in  sperm  candles  and  oil,  began  life  as  a  peddler 
of  candles. 

FISH   AND    GRINNILL. 

The  house  of  Fish  and  Grinnell — which  held  its  own 
for  fifty  years  or  more,  which  through  all  its  phases 
was  very  celebrated  too,  and  never  more  so  than  when 
Grinnell,  Minturn  &  Co. — was  founded  by  Preserved 
Fish.  He  came  from  New  Bedford ;  was  said  to  have 
been  picked  up  at  sea  by  some  sailors,  a  stray  waif,  and 
for  want  of  a  better  name  was  christened  Preserved 
Fish.  The  house  for  a  long  time  maintained  a  trade 
in  oil  and  candles.  The  elegant  mansion  of  Mr.  Grin- 
nell on  Fifth  Avenue  and  Fourteenth  Street,  has  long 
been  celebrated  as  Delmonico's  Restaurant. 

MAYOR   LAWRENCE, 

Mayor  Lawrence  was  a  member  of  the  house  of 
Hicks,  Lawrence  &  Co.  They  were  auctioneers  in  do- 
mestic goods.  It  was  a  Quaker  firm  of  great  respecta- 
bility and  profits.  It  went  down  with  thousands  of 
others  in  the  great  reverses  of  1JB37. 

TUDOR  AND  GEBHARD. 

This  firm  were  model  old  school  merchants,  the 
agents  of  great  Dutch  house.  They  were  slow,  quiet, 
and  reliable.  To  the  end  of  their  time  they  continued 
the  custom,  once  universal  among  New  York  merchants, 
of  doing  business  on  the  first  floor  of  their  houses,  and 
living  up  stairs. 


THOMAS  E.  DAVIES.— EDWIN  D.  MORGAN.  495 


THOMAS    E.    DAVIES. 

The  great  real  estate  speculator  of  his  time  was 
Thomas  E.  Davies.  His  speculations  in  Bleeckcr  street 
were  enormous.  He  made  immense  purchases  in  St. 
Mark's  Place,  and  originated  the  phrase  for  fashionable 
residences — "  Above  Bleecker."  He  founded  the  New 
Brighton  Association,  which  purchased  nearly  the 
whole  of  Staten  Island,  from  Quarantine  round  to 
Sailor's  Snug  Harbor.  The  Association  obtained  the 
gigantic  loan  from  the  United  States  Bank  of  8479,000. 
Of  course  the  Association  failed,  and  the  property  was 
sold  in  1837  under  a  foreclosure. 

EDWIN    D.    MORGAN. 

Edwin  D.  Morgan  came  to  New  York  in  1830.  He 
held  a  subordinate  position  in  a  store  in  Hartford,  Con- 
necticut. He  was  sent  to  New  York  on  some  matters 
pertaining  to  the  house,  and  while  there  purchased 
a  cargo  of  sugar  on  commission.  The  transaction  opened 
the  eyes  of  his  Hartford  employers,  and  he  was  remov- 
ed from  his  subordinate  rank.  He  set  up  business  in 
New  York.in  a  small  way,  and  to  guard  against  failure, 
became  agent  for  a  Fire  Insurance  Company  in  Con- 
necticut. He  boarded  with  David  Hale  of  the  Journal 
of  Commerce.  The  firm  was  Morgan  &  Earle.  The 
credit  of  the  house  was  very  small.  Earle  went  out 
in  1837.  The  early  success  of  Mr.  Morgan  in  his  trans- 
actions in  sugar,  turned  his  attention  to  that  article  as  a 
specialty.  He  visited  the  South  and  spent  a  winter  in 
New  Orleans.     He  roamed  about  th'e  plantations  and 


49G  MAYOR  MICKLE.— ABRAHAM  BININGER. 

made  the  acquaintance  of  the  sugar  planters.  He  pur- 
chased crops  in  advance  and  coined  money.  Men  talk 
about  Stewart  as  a  hard  exacting  master.  If  the  clerks, 
salesmen,  book-keepers,  and  porters,  worked  in  any 
establishment  in  New  York  as  the  old  merchants 
worked  themselves,  from  five  and  six  o'clock  in  the 
morning  till  ten  and  eleven  at  night,  sweeping  the 
streets  to  the  very  centre,  as  the  ordinance  required  ; 
carrying  bundles,  delivering  goods,  lugging  merchan- 
dise on  their  backs,  sweeping  the  store,  making  fires, 
and  kept  on  the  jump  all  day,  modern  youths  would 
have  a  right  to  grumble. 

MAYOR   MICKLE. 

Mayor  Mickle  was  for  many  years  at  the  head  of  the 
celebrated  house  of  A.  H.  Mickle  &  Co.  He  began 
life  a  clerk  in  Wall  Street,  doing  all  the  menial  service 
then  required  of  a  clerk.  He  entered  the  celebrated 
Tobacco  House  of  Mr.  Miller  as  a  subordinate.  On  the 
death  of  Mr.  Miller,  his  wife  carried  on  the  business  as 
"  Mfs.  G.  B.  Miller,"  and  her  tobacco  became  famous  in 
all  the  world.  Mr.  Mickle  was  industrious,  intelligent, 
and  attentive.  His  services  were  rewarded  by  the  hand 
of  the  daughter  of  Mrs.  Miller,  and  he  became  a  part- 
ner of  the  house.  He  kept  fine  style  as  Mayor  at  his 
house,  corner  of  Broadway  and  Battery. 

ABRAHAM  BININGER. 

The  founder  of  the  celebrated  house  of  Bininger  & 
Co.,  was  Abraham  Bininger.  He  began  life  carrying 
the  hod ;  afterward  he  laid  brick.  His  wife,  a  notable 
woman,  took  in  washing  to  help  along,  and  opened  a 


LINDLE Y  MURRA  T. -ROBERT  HOE.  497 

little  store.  She  kept  snuff,  tobacco,  cakes,  cookies, 
and  other  small  trash.  It  was  in  connection  with  this 
house  that  the  fable  was  started  about  John  Jacob  As- 
ter's peddling  apples  and  peanuts. 

LINDLEY    MURRAY. 

The  mother  of  Lindley  Murray,  the  great  gramma- 
rian, lived  out  of  the  city  on  what  was  known  as  King's 
Road  Farm.  She  spread  a  fine  lunch  before  General 
Howe  and  his  staff,  to  keep  them  employed  while  Gen- 
eral Putnam  led  his  troops  out  of  the  city.  Murray 
was  lame,  and  his  lameness  was  caused,  it  is  said,  by 
his  leaping  Burling  Slip  on  his  way  to  market  with 
chickens. 

ROBERT   HOE. 

The  early  life  of  Mr.  Hoe  was  quite  romantic.  Grant 
Thorburn  in  1800,  opened  a  small  grocery  store,  where 
the  Evening  Post  is  now  published.  To  groceries,  Mr. 
Thorburn  added  seeds  and  flowers.  He  was  a  Quaker, 
and  lived  in  a  quiet  way  over  his  store.  The  yellow 
fever  raged  nearly  every  summer  in  New  York.  Most 
of  the  traders  fled.  But  Mr.  Thorburn  and  his  family 
remained  summer  after  summer.  He  was  sitting  in  the 
cool  of  the  evening  at  his  door,  when  a  stranger  came 
up  and  inquired  for  a  boarding  house.  He  was  in 
search  of  employment,  had  no  money,  had  just  landed 
from  Liverpool,  and  trusted  to  the  future.  With  the 
consent  of  his  wife,  Mr.  Thorburn  received  the  young 
man  into  his  house  as  a  boarder.  He  took  the  yellow 
fever,  but  recovered,  and  justified  the  prediction  of  his 
host  that  he  would  live  and  marry  a  Yankee  girl. 
*32 


498  SCHUYLER  LIVINGSTON.— THOMAS  EDDY. 

That  stranger  was  Robert   Hoe,   the  inventor  of  the 
celebrated  Printing  Press  that  bears  his  name. 

SCHUYLER    LIVINGSTON 

Was  a  name  of  which  New  York  is  deservedly  proud. 
He  was  for  sixteen  years  a  clerk,  and  did  work  that  no 
porter  in  a  respectable  house  to-day  would  look  at. 
He  took  his  breakfast  before  daylight,  and  was  often 
found  in  his  store  at  ten  o'clock  at  night.  During  the 
forty-three  years  that  he  was  in  business,  Mr.  Schuyler 
was  not  out  of  New  York  one  whole  week  at  a  time. 

WASHINGTON    IRVING. 

No.  3,  Wall  Street,  is  celebrated  as  the  spot  on 
which  Washington  Irving  hung  out  his  shingle  as  a 
lawyer.  He  practiced  more  literature  than  law,  and 
in  that  place  he  drew  the  plans  of  his  famous  Knicker- 
bocker History  of  New  York. 

THOMAS    EDDY, 

Originated  selling  goods  by  sample.  He  was  an 
Irishman,  and  got  employment  in  the  Swamp  as  a 
tanner.  He  commenced  trading  in  a  small  way,  and 
having  neither  money  nor  credit,  he  obtained  samples 
and  sold  "short"  his  goods,  buying  them  at  auction 
for  less  than  the  price  at  which  ne  was  to  deliver  them. 
He  became  an  eminent  merchant,  and  in  1796  was 
appointed  one  of  the  Commissioners  to  build  the  States 
Prison.  He  made  a  fortune  in  furnishing  Cornwallis 
with  money  for  his  troops  after  their  surrender  at 
Yorktown.  He  did  this  with  the  approval  of  Gene- 
ral Washington. 


E.  C.  DELE  \A\.-s.  V.S.  WILDER.— BISHOP  PROVOST.  499 
E.    C.    DELEVAN, 

Kept  store  on  Pearl  street  near  Wall.  He  was  in 
the  hardware  trade  and  nearly  monopolized  the  Bir- 
mingham goods.  He  made  most  of  his  wealth  in  the 
Birmingham  trade. 

S.    V.    S.    WILDER, 

Made  and  lost  his  fortune  on  the  street  as  a  cotton 
broker.  He  was  for  many  years  President  of  the  Amer- 
ican Tract  Society,  and  one  of  its  most  liberal  donors. 
He  gave  a  thousand  dollars  at  a  time  when  a  thousand 
dollars  was  more  than  810,000  would  be  now.  His  spec- 
ulations were  enormous.  He  carried  cotton  as  heavily 
as  Jay  Gould  carries  stocks.  He  woke  up  one  morning 
and  found  himself  a  beggar.  He  said  to  me  :  "  The 
fall  of  a  quarter  of  a  cent  a  pound  in  cotton  ruined 
me."  In  the  days  of  his  plentitude  he  lived  in  grand 
style  and  was  a  noble  host.  .  He  had  an  elegant  coun- 
try seat  at  Bolton,  where  he  entertained  like  a  prince. 
He  was  greatly  mortified  at  his  failure,  resigned  his 
position  in  connection  with  the  large  religious  socie- 
ties, refused  to  attend  the  meetings  as  he  could  no 
longer  lead  in  the  contributions,  and  withdrew  entirely 
from  public  life. 

BISHOP    PROVOST. 

Bishop  Provost  resided  at  one  time  in  Wall  street. 
He  was  consecrated  by  the  Archbishop  of  Canterbury 
in  1787.  He  resigned  his  bishopric  and  became  rector 
of  Trinity  Church  in  1812.     The  "Parsonage,"  as  it 


500  WILLIAM  GERARD. 

was  called,  was  on  the  corner  of  Fulton  and  Nassau, 
where  the  old  Sun  buildings  stand. 

WILLIAM    GERARD. 

William  Gerard,  merchant  on  Broad  street  in  1792, 
was  the  father  of  the  distinguished  Advocate,  J.  W. 
Gerard,  the  most  popular  man  at  the  New  York  bar. 
Mr.  Gerard  boasts  of  having  French,  American,  Eng- 
lish and  Scotch  blood  in  his  veins.  He  is  a  true 
gentleman  of  the  old  School,  genial,  accomplished, 
catholic,  courteous.  His  large  wealth  he  devotes  to 
objects  of  benevolence,  and  is  an  earnest  supporter  of 
the  Common  Schools  of  our  land. 


XLVIII. 
NOTED  HOUSES. 

Moses  Taylor. — Richard  Smith. — Knowles  Taylor. — Frederick  and 
Harvey  Sheldon. —  Lake,  Lamson  <fe  Co.  —  Phelps,  Chittenden  & 
Co. — Daniel  Parish. — Lord  &  Taylor. — The  Kingslands. — Caleb  O. 
Halstead. — William  H.  Carey  <fc  Co. — Falure  and  Honor. 

Many  years  ago  Moses  Taylor  was  a  clerk.  He 
opeued  his  first  store  in  South  street,  in  a  very  small 
way,  and  worked  himself  up  to  his  present  position. 

Richard  Smith  was  the  great  tea  importer  of  his  day, 
and  from  his  style  of  living  and  doing  business,  was 
considered  the  fast  merchant  of  the  city.  He  monopo- 
lized the  China  trade.  In  1801,  Mr.  Morrison,  then  a 
young  man,  called  on  Mr.  Smith  to  see  if  he  could  get 
a  passage  to  China  as  a  missionary.  He  looked  at  the 
young  man,  and  said,  "  So  you  expect  to  convert  the 
Chinese  nation,  do  you ?"  "No,  sir,"  said  Morrison, 
ubut  God  can." 

Among  the  celebrated  importers  was  the  house  of 
Knowles  Taylor,  brother  of  the  celebrated  J.  Brainerd 
Taylor.  He  came  from  Haddam,  Connecticut,  and 
entered  a  little  store  as  a  clerk.  His  first  business  was 
to  sweep  the  streets,  for  the  clerks  of  those  days  did 
the  menial  work  of  the  house.  He  made  a  fortune, 
but  died  poor. 

(501) 


502  NOTED  HOUSES. 

Frederick  and  Henry  Sheldon  came  from  Litchfield, 
Connecticut,  amassed  a  fortune  and  passed  through  all 
the  crises  without  harm. 

After  forty  years  of  business,  the  house  of  Lane, 
Lamson  &  Co.,  could  stand  forth  as  a  house  that  had 
never  suspended. 

Phelps,  Chittenden  &  Co.,  originated  with  Mr.  Phelps, 
who  was  partner  of  Eno,  and  S.  B.  Chittenden  and  others. 
Their  store  stood  on  Wall  Street  on  the  site  formerly 
occupied  by  the  First  Presbyterian  Church.  Mr.  Phelps 
took  the  dry  goods  stock  when  he  separated  from  Mr. 
Eno,  and  Mr.  Eno  took  the  real  estate.  Mr.  Chitten- 
den came  from  Connecticut,  where  he  had  been  a  retail 
trader.  On  the  street  he  was  regarded  as  a  picayune 
buyer.  Mr.  Phelps  subsequently  went  into  banking, 
and  the  history  of  Mr.  Chittenden  is  very  well  known. 

The  immense  wealth  of  Daniel  Parish  and  the  long 
law-suit  about  his  will,  make  his  name  very  familiar 
to  New  Yorkers.  He  was  a  dry  goods  jobber  and 
very  successful.  He  had  branch-houses  in  Charles- 
ton, Mobile,  and  New  Orleans.  He  began  life  small 
enough,  and  lived  as  most  merchants  of  his  day  lived, 
in  apartments  over  his  store,  boarding  his  own  clerks. 

Lord  and  Taylor  were  Englishmen.  They  came  to 
this  country  in  1834,  and  established  a  small  retail  bus- 
iness in  Catharine  street.  Mr.  Lord  married  in  England 
against  the  wishes  of  his  wife's  parents.  Having  no 
property,  the  young  couple  resolved  to  seek  their  for- 
tune in  the  new  world.  By  economy,  diligence,  and 
closest  application  to  business,  selling  cheap  and  secur- 
ing the  trade  of  the  middle  classes,  and  content  with 
small  gains,  the  house  built  up  a  profitable  business.  A 


CHANGE  IN  TRA    /  503 

second  store  was  established  in  Grand  street,  and  the 
marble  store  on  Broadway  attests  the  success  of  the 
house.  There  is  no  Taylor  in  the  house  now.  and  Mr. 
Lord  resides  near  I  ludderfi eld,  England,  on  his  elegant 
estate.  His  property  is  very  large  in  this  country, 
and  he  visits  America  occasionally.  Mr.  J.  T.  Lyle 
carries  on  the  business,  the  name  of  the  firm  being  a 
fortune,  as  the  income  tax  of  $175,000  on  one  year's 
profits  shows. 

The  Kingslands,  a  name  now  so  celebrated  among 
the  Xew  York  millionaires,  began  life  very  poor.  In 
1820,  they  traded  in  a  small  way  in  oil  and  candles, 
and  the  brothers  boarded  themselves,  spending  less 
than  three  dollars  a  week.  The  immense  trade  in 
sperm  candles  made  the  fortune  of  the  house,  and  the 
Kingslands  are  reputed  to  be  worth  ten  millions. 

Caleb  O.  Halstead,  so  long  the  celebrated  President 
of  the  Manhattan  Bank,  came  to  Xew  York  from  Eliza- 
beth, N.  J.  He  made  the  cloth  business  a  specialty. 
He  was  content  with  a  small  advance ;  and  as  his  in- 
tegrity and  moral  worth  were  confided  in,  he  scoured 
a  large  trade  and  died  a  very  wealthy  man. 

CHANGE    IX    TRADE. 


The  business  of  importing  and  jobbing  has  not  chang- 
ed more  in  locality,  than  it  has  in  the  style  in  which 
it  is  conducted.  After  the  war  of  1812,  vessels  came 
rarely  to  Xew  York.  When  they  did,  merchants  w 
on  board  and  bought  from  twenty  to  thirty  thousand 
dollars  worth  of  goods  at  a  time.  This  was  an  incon- 
venient mode  of  doing  business  and  a  few  merchants 


504:  FAILURE  AND  HONOR. 

began  to  import  goods  as  they  needed  them,  and  the 
importing  trade  became  large  and  remunerative. 

Almost  the  entire  importing  business  has  passed  out 
of  the  hands  of  Americans.  This  change  commenced 
in  1840.  The  commercial  disasters  of  1837,  shook  the 
confidence  of  European  manufacturers  in  our  mer- 
chants, and  induced  the  sending  out  of  agents  to  look 
after  the  interests  of  importers  of  goods  in  America. 
Nearly  all  the  great  manufacturers  in  Switzerland, 
France,  and  England,  now  have  houses  in  New  York, 
to  which  goods  are  consigned.  It  is  estimated  that 
three-fourths  of  the  imported  goods  sent  to  New  York 
are  sold  on  commission.  A  glance  at  the  names  of 
importing  houses  will  show  that  they  are  nearly  all 
foreign. 

The  specific  trade  known  as  Yankee  Notions,  origi- 
nated in  1850.  Fancy  goods  had  been  imported  with 
beads,  toys,  and  merchandise  of  that  stamp  from  Ger- 
many and  elsewhere.  The  house  of  William  H.  Carey 
&  Co.  was  celebrated  for  this  style  of  goods,  and  that 
house  may  be  fairly  entitled  to  the  honor  of  originat- 
ing Yankee  Notions  as  a  specialty  in  trade. 

FAILURE    AND    HONOR. 

To  maintain  a  high  position  in  the  street,  it  is  not 
necessary  that  an  operator  should  have  constant  suc- 
cess. There  are  men  on  the  street  who  have  never 
failed,  who  have  no  repute.  There  are  men  of  heavy 
fortunes  who  would  give  fifty  thousand  dollars  to  get 
into  the  Stock  Board,  but  who  would  be  black-balled, 
for  in  their  integrity  no  one  places  any  reliance. 
There  are  other  men,  who  have  failed  repeatedly — 


FAILURE  AND  HONOR  505 

failed  for  enormous  amounts — in  whose  integrity  the 
street  has  perfect  confidence.  They  are  scarcely  down, 
before  they  are  on  their  feet  again.  Owing  a  quarter 
or  half  of  a  million,  they  can  borrow  money  to  any 
extent.  These  men  are  upright  and  open  hearted. 
Two-thirds  of  their  contracts  could  not  be  proved  in 
any  court.  They  could  repudiate  without  fear  of  legal 
damage,  yet  in  every  instance  they  have  paid  to  the 
utmost  farthing  without  hesitation  or  abatement. 

One  of  the  marked  men  of  this  class  is  W.  W.  Wood- 
ward. He  is  one  of  the  boldest  brokers  in  New  York. 
In  the  language  of  the  street,  he  is  a  terrible  operator. 
He  buys  a  hundred  thousand  shares  of  stock  at  a  time. 
He  is  gigantic  in  his  plans.  He  has  failed  at  least  a 
dozen  times,  and  in  every  case,  without  a  shade  of  sus- 
picion on  his  honor.  Recognizing  promptly  every 
claim,  he  has  always  paid  the  utmost  farthing.  He  is 
one  of  the  most  genial  and  gentlemanly  of  men.  He  has 
been  one  of  the  most  successful  rail-road  operators. 
His  contributions  for  benevolent  and  religious  purposes 
have  kept  pace  with  his  large  wealth,  and  he  is  now 
building  at  his  own  expense  some  of  the  most  costly 
church  edifices  in  America. 

Brokers  do  not  usually  make  money  out  of  each  other. 
The  operators  are  too  sharp  for  that.  Money  is  made 
from  outsiders,  from  greenhorns  and  speculators,  who 
send  orders  from  afar.  There  is  no  city  so  distant  on 
the  continent,  that  it  has  not  capitalists,  who  operate 
on  the  street.  Every  mail  brings  orders  from  mer- 
chants, banks,  capitalists,  traders,  and  men  and  women, 
all  over  the  land.  A  broker's  market  is  one  from 
which  all  outsiders   are    excluded.     It  is  like  cheap 


506  FAILURE  AND  HONOR. 

Jack,  trading  with  cheap  Jack ;  a  sharp  horse  dealer 
trading  with  a  dealer  as  sharp  as  himself;  a  gambler 
playing  with  a  gambler.  Sharp,  shrewd,  keen,  daring 
operators  are  matched  against  men  equally  daring.  It 
is  a  contest  between  equals,  out  of  which  but  little 
money  can  be  made.  It  is  a  keen,  shrewd  game,  that 
brokers  sometimes  love  to  play. 


XLIX. 
THE  ROMANCE  OF  REFORM. 

A  Lady  Operator.— Startling    Confession. — Heroic   Sacrifice. — Ro- 
mantic  Humanity.— Affecting  Scene.— A  New  Home. 

A    LADY    OPERATOR. 

Among  the  lady  customers,  who  had  a  line  of  stocks 
on  the  street,  was  a  middle  aged  woman  who  came 
about  once  a  week  to  Wall  Street.  She  was  elegantly 
dressed,  came  in  a  fine  coach,  was  lady-like  in  her 
manners,  said  but  little,  attended  to  her  business 
strictly,  and  drove  away  as  she  came — unattended. 
She  was  evidently  a  business  woman,  knew  what  she 
was  about,  and  attracted  attention  by  her  quiet  and 
pleasant  manners.  She  gave  her  name  as  that  of  the 
wife  of  a  foreign  consul,  and  chose,  she  said,  to  trans- 
act business  in  her  own  name,  and  on  her  own  account. 
The  true  Bankers  of  the  street,  men  who  represent 
reliable  and  long  established  houses,  enjoy  the  con- 
fidence of  their  customers.  Truthful  men,  men  of  honor 
and  probity,  they  soon  inspire  esteem. 

STARTLING    CONFESSION. 

"One  day.  the  lady  customer  came  to  her  Banking 
House  and  asked  a  private  audience.  She  had  an  im- 
portant personal    matter  to   state,   she   said.      In 

(507) 


508       HEROIC  SACRIFICE.— ROMANTIC  HUMANITY. 

hands  of  her  banker,  she  was  about  to  place  the  great 
secret  of  her  life.  She  said  sjie  was  not  the  wife  of 
the  consul  whose  name  she  bore.  She  was  not  married 
at  all.  More  than  that,  and  worse,  for  years  she  had 
been  in  business  that  fills  all  virtuous  people  with  hor- 
ror. She  had  kept  one  of  the  largest,  most  fashionable 
and  liberally  patronized  houses  for  lady  boarders  in 
the  city.  But  she  had  ended  her  traffic,  disposed  of 
her  establishment  and  dispersed  her  household.  She 
was  soon  to  be  married  to  the  consul.  He  knew  all 
her  history  and  was  willing  to  take  her  as  she  was. 
He  was  ordered  to  another  port.  She  would  attend 
him  and  under  a  new  name  redeem  her  past  life  and 
devote  her  time  and  means  to  aid  the  unfortunate  and 
fallen. 

HEROIC   SACRIFICE. 

As  soon  as  it  was  known  that  she  was  to  break  up 
her  establishment,  men  of  capital  made  her  tempting 
offers  for  the  place,  the  furniture  and  "  the  good  will" 
of  the  house,  as  it  was  called.  She  refused  them  all. 
Lest  her  house  might  relapse  into  its  former  infamous 
trade,  she  refused  to  let  it  to  any  private  parties.  At 
a  moderate  sum  she  leased  the  house  to  the  corpora- 
tion of  New  York  with  the  proviso  in  the  lease  that 
it  should  never  be  used  for  its  former  business,  nor 
should  liquor  be  sold  in  the  house  nor  gaming  be 
allowed. 

ROMANTIC   HUMANITY. 

It  was  not  simply  to  make  this  revelation  that  the 
woman  held  a    private  interview   with  her   banker. 


AFFECTING  SCENE.  509 

She  said  that  most  of  her  girls  were  young,  for  she  had 
prided  herself  on  keeping  what  was  known  as  a  re- 
spectable house,  one  of  the  most  respectable  sort  and 
of  the  highest  tone.  When  the  lady  had  come  to  the 
resolution  to  break  up  her  establishment,  she  called  her 
boarders  together  and  stated  her  resolution.  She  told 
them  that  there  was  but  one  end  of  the  life  upon  which 
they  had  entered.  The  path  had  been  trodden  by 
thousands  of  feet,  and,  for  all,  it  led  to  one  place.  Now, 
they  were  young  and  attractive — had  many  admirers 
and  many  friends — the  path  was  flowery  and  delicious. 
It  would  soon  turn.  Step  by  step  they  would  descend, 
and  Water  street  and  Bellevue  Hospital  would  tell 
them  what  their  mature  life  would  be,  if  they  did  not 
die  young,  as  almost  all  of  their  class  did.  She  coun- 
selled the  young  women  to  leave  the  place,  and  the 
calling  at  once,  and  to  aid  them,  she  told  them  that 
she  should  place  at  her  banker's  a  sum  of  money  amply 
sufficient  to  make  them  comfortable  for  six  months. 
During  that  time,  they  could  seek  out  some  reputable 
calling  by  which  to  earn  their  bread.  But  whether 
they  left  their  line  of  life  or  not,  she  would  make  provi- 
sion for  them  all  for  three  months,  and  to  perfect  this  ar- 
rangement, she  had  now  visited  her  banker  and  made 
a  confession  so  disgraceful  to  her  name. 

AFFECTING    SCENE. 

The  girls  were  moved  to  tears  when  the  resolution 
of  their  hostess  was  made  known  to  them.  Some 
screamed  in  agony,  some  called  on  the  name  of  sainted 
mothers  in  heaven  to  come  to  their  rescue  and  help 
them  to  do  right  in  that  dark  and  terrible  hour.     The 


510  A  NEW  HOME. 

lady  flung  herself  on  the  necks  of  these  erring  ones, 
and  wept  tears  of  sincere  sympathy.  She  told  them 
that  while  she  had  a  dollar  they  should  share  it,  and 
not  one  of  them  should  ever  go  hungry  while  she  had 
a  crust  to  break  with  them.  The  banker  was  deeply 
moved  at  the  recital,  and  promised  with  his  own  funds, 
if  they  were  needed,  to  aid  in  this  effort  to  rescue 
the  young  from  the  terrible  gulf  into  which  they  had 
fallen. 

A   NEW   HOME. 

True  to  her  purpose,  the  lady  consummated  her 
plans.  She  was  married  privately  and  left  New  York 
for  her  new  home.  I  have  often  passed  her  elegant 
mansion,  where  the  consul's  flag  floats  from  the  flag- 
staff on  the  fine  lawn,  from  sunrise  to  sunset.  She  is 
really  an  elegant  woman,  well  educated,  refined,  and 
intelligent,  Her  former  history  is  unknown  beyond 
her  own  door  step.  She  moves  in  the  best  society, 
and  her  parties  are  the  delight  of  the  fashionable.  She 
is  very  benevolent,  and  no  child  of  want  or  sorrow 
leaves  her  door  without  relief.  Her  attendance  at 
church  is  regular  and  reverent,  and  like  one  of  old 
she  seems  to  love  much,  for  to  her,  much  has  been 
forgiven.  Occasionally,  fair  and  fragile  girls  can  be 
seen  on  the  street,  on  their  way  to  the  banker's,  to 
draw  the  aid  their  kind  friend  placed  on  deposit  for 
the  hour  of  need. 


THE  PRESS  AND  LITERATURE  OF  WALL. 

STREET. 

Irving  in  Wall  Street. — The  Old  New  York  Press. — It*  Editors. — 
The  Literary  Club  at  Windust's. — Spiritualism. — Dandy  Mark?. — 
Personal  of  the  Old  Press. — Webb,  Stone,  Clark,  Bryant,  Hale, 
Beach. — The  Mad  Poet. — The  Modern  Press. — Eminent  Financial 
Editors. — Their  Peculiarities. — The  Financial  Editors. — Pas  i  and 
Present. — The  Makers  op  Public  Opinion. — A  General  Review  of 
them. — Their  Industry  and  Responsibility. — "  Of  us  but  not  with 
us." — Snow,  Tribune.— Clarke,  Tribune.— The  Retired  and  Living. — 
Edwin  Clarke,  Tribune. — Kittell,  Herald.  —  Hudson,  Herald. — 
Bonner,  Herald. — Cornwallis,  Herald.  —  Hicks,  Post. — Mars- 
land,  Post. — Dinsmore,  Tost. — Clayton,  Commercial  Advertiser. — 
The  Present. — The  Morning  Journals. — Stone,  Journal  of  Com- 
merce.— Norvel,  Times. — Mellis,  World. — Fitzpatrick,  Herald. — 
Briggs,  Tribune. — Almy,  Sen. — The  Evening  Press. — Jackson,  Ex- 
press.— Whiting,  Post.—  Dodswortii,  Commercial  Advertiser. 

THE    OLD    NEW    YORK    PRESS. 

Washington  Irving  formed  the  plan  of  his  Knicker- 
bocker History  of  New  York  in  Wall  Street.  The 
•street  was  at  one  time  the  abode  of  the  literary  men 
of  the  metropolis.  The  leading  newspapers  of  New 
York  were  both  edited  and  published  on  the  street. 
Some  still  remain.  Till  within  a  few  years,  the  issues 
of  modern  journalism  came  forth  from  the  great  finan- 
cial center.  Fifty  years  ago,  the  press  of  New  York 
consisted  of: — The  Daily  Advertiser,  Gazette,  Courier, 
Mercantile  Advertiser,  Journal  of  Commerce,  Courier 

(511) 


512  THE  LITERARY  CLUB  AT  WINDUSTS. 

and  Enquirer,  Evening  Post,  and  Commercial.  Mer- 
chants advertised  by  the  year.  Standing  advertise- 
ments were  forty  dollars  a  year,  and  a  copy  of  the 
paper  thrown  in.  Ten  dollars  per  annum  was  the 
subscription  price  of  a  respectable  daily.  The  old 
Daily  Advertiser  was  printed  on  the  press,  and  with  the 
types  used  by  Franklin  in  Philadelphia.  The  Federal- 
ist, edited  by  Hamilton,  was  issued  from  Wall  Street. 
Hamilton  wrote  most  of  the  papers  on  the  site  now 
occupied  by  the  bank  of  New  York.  Hamilton,  Ptu- 
fus  King,  Fisher  Ames,  and  other  eminent  men  were 
on  the  editorial  staff.  Noah  Webster,  the  lexicog- 
rapher, edited  the  Minerva.  After  a  struggle  of  sev- 
en years,  Mr.  Webster  succeeded  in  changing  its  name 
to  that  of  "  Commercial  Advertiser.1'  John  I.  Mum- 
ford,  the  editor  of  the  Mercantile  Telegraph,  originated 
the  column  known  as  the  a  Price  Current."  The  Na- 
tional Advertiser  was  edited  by  M.  M.  Noah,  and  was 
merged  in  the  Courier  and  Enquirer.  The  American 
was  edited  by  Charles  King,  afterwards  President  of 
Columbia  College,  Verplanck,  and  other  men  eminent 
in  literature.  It  was  a  vehement  John  Quincy  Adams 
paper,  and  was  violently  committed  against  the  elec- 
tion of  General  Jackson.  The  daily  Standard  was 
thoroughly  American,  and  in  1812,  sustained  the  ad- 
ministration, adopting  as  a  motto  the  well  known 
words,   u  Forever  float  that  Standard  Sheet." 

THE    LITERARY    CLUB  AT    WINDUST's. 

For  many  years  the  literati  of  New  York  gathered 
at  Windust's.  Near  this  famed  restaurant  stood  the 
Park  Theatre  in  its  glory,  the  "  Drury  Lane"  of  Amer- 


SPIRITUALISM.  513 

ica.  Nearly  opposite,  on  the  corner  of  Park  Place, 
was  located  the  famed  uptown  hotel,  named  after  the 
Father  of  his  country,  where  Lafayette  was  entertained. 
Plain,  unpretending,  and  English  was  Windust's  with 
its  heavy  oaken  tables,  sanded  floor  and  simple  attend- 
ance. Here  the  wits,  the  literati,  and  the  distinguished 
authors  of  the  day  assembled.  Actors  and  editors 
gathered,  and  made  a  sort  of  Garrick  club.  Tom 
Hamlin  in  his  prime ;  Morris  in  his  glory ;  Willis, 
arrayed  in  the  height  of  fashion  ;  M.  M.  Noah,  the  best 
dramatic  critic  of  his  age;  Leggett,  of  the  Evening 
Post,  a  scholar,  philanthropist,  and  poet ;  Gaylord ; 
Clark  of  the  Knickerbocker ;  J.  Watson  Webb  ;  Wil- 
liam Cullen  Bryant,  and  other  eminent  men,  whose 
names  have  passed  into  the  history  of  our  land.  Here, 
the  stirring  events  of  the  day  were  discussed,  and  the 
grand  reception  planned,  which  was  awarded  to 
uBoz,"  when  he  first  visited  America, 

SPIRITUALISM. 

It  was  in  this  brilliant  circle  that  William  L.  Stoner 
then  editor  of  the  Commercial,  revealed  the  awful  dis- 
closure of  Maria  Monk,  which  afterward  set  all  New 
York  in  a  panic.  Spiritualism  had  its  advocates  thirty 
years  ago,  and  Mr.  Stone  was  friendly  to  the  manifes- 
tations. A  relative  of  his  had  been  powerfully  exer- 
cised. She  was  completely  under  the  control  of  a  pro- 
fessor named  Smith,  and  set  all  other  powers  at 
defiance.  Dr.  Holland  Gaylord  Clark  and  others  ac- 
cepted an  invitation  of  Mr.  Stone  to  witness  the 
phenomenon  of  a  woman  in  a  spiritual  trance.  Clark, 
who  had  no  faith  in  the  operations  of  spirits,  professed 
33 


514  DANDY  MARKS. 

to  be  greatly  excited  at  the  revelation.  He  stated 
that  he  could  control  the  spirits  by  a  miraculous  pana- 
acea.  He  had,  he  said,  some  fat  that  had  oozed  out 
of  the  coffin  of  a  saint  in  Notre  Dame,  and  its  pecu- 
liar properties  were  that  it  had  a  miraculous  influence 
over  unearthly  manifestations.  Clark  went  out  to  ob- 
tain his  remedy.  He  visited  a  pork  house,  got  a  sheet 
of  greasy  paper,  held  it  up  before  the  face  of  the  wo- 
man who  was  possessed,  and  at  once  put  the  spirits  to 
flight,  to  the  astonishment  of  Dr.  Holland  of  the  Stand- 
ard,  Mr.  Stone,  and  other  believers  in  the  reality  of  the 
manifestations.  The  miraculous  power  of  the  saintly 
grease  over  spirits,  astonished  the  literari  mere  than 
the  manifestations. 

DANDY   MARKS. 

A  most  ridiculous  and  mortifying  circumstance  oc- 
curred at  the  first  reception  of  Mr.  Dickens.  He  came 
quietly  to  the  Astor  House.  That  was  the  centre  of 
fashion.  The  aristocracy  lived  in  Grand  street,  and  Paris 
millinery  and  Paris  fashions  were  found  in  Division 
street  and  in  the  Bowery.  The  committee,  composed  of 
the  most  celebrated  literary  gentlemen  of  the  age,  met 
at  Windust's.  The  arrangements  were  completed,  the 
Park  Theatre  was  floored  over,  and  Washington  Irving 
was  to  make  the  opening  speech.  N.  P.  Willis  was  in 
the  zenith  of  his  glory,  and  stood  at  the  head  of  the 
committee  of  reception.  The  theatre  was  packed. 
Houston  street  and  Bleecker  had  sent  the  elite  of  New 
York  to  grace  the  great  occasion.  A  line  was  left 
open  from  the  main  entrance  to  the  stage,  through 
which  Dickens  was  to  pass.    No  noisy  demonstrations 


PERSONAL  OF  THL  OLD  PRE  ?S.  51  *> 

to  bo  allowed^  no  rushing  forward,  no  shaking  of  hands, 
but  the  Brffeh  Lion  was  to  pass  quietly  to  his  seat,  and 
take  the  ovation  tendered  to  him.  The  butt  of  the 
period  was  a  gentleman  known  as  Dandy  Marks.  His 
conceit,  self-esteem,  and  impudence  were  unparalleled. 
They  won  for  him  a  high  position  in  fashionable  so- 
ciety. In  dress  and  costume  he  was  the  Beau  Nash  of 
the  day.  Mr.  Dickens  was  late.  The  anxious  crowd 
were  toned  up  to  the  highest  pitch  of  excitement.  At 
length  the  cry  was  heard — "  Mr.  Dickens — Mr.  Dickens 
— Mr.  Dickens."  The  passage  was  instantly  cleared, 
and  every  eye  turned  upon  the  entrance.  Just  at  that 
moment,  in  stepped  Dandy  Marks  with  a  sister  on  each 
arm.  He  was  gotten  up  in  the  highest  style  of  art,  and 
nothing  could  be  more  ridiculous.  The  audience  mis- 
taking him  for  "  Boz,"  commenced  applauding.  Break- 
ing the  lines,  and  breaking  the  rules,  the  people  rushed 
up,  shook  his  hand  and  congratulated  him  on  his  looks, 
while  cheer  after  cheer  rent  the  air.  Willis  fumed, 
Morris  tried  to  still  the  tempest,  and  Major  Noah 
stamped  and  expostulated.  It  was  of  no  use ;  the 
crowd  would  see  no  one  else  ;  the  reception  was  over, 
and  when  Dickens  came  forward,  he  was  lost  in  the 
crowd. 

PERSONAL    OF    THE    OLD   PRESS. 

For  many  years  the  great  "blanket  sheet,''  the  Cou- 
rier and  Enquirer,  was  the  oracle  of  Wall  Street  and  the 
mouth-piece  of  mercantile  capitalists.  The  Herald 
under  James  Gordon  Bennett,  has  gradually  taken  its 
place  at  the  head  of  the  newspapers  of  the  day.  Mo- 
ses Y.  Beach  was  regarded  as  the  Barnum  of  the  press. 


516  PERSONAL  OF  THE  OLD  PRESS. 

The  public  wanted  a  cheap  paper,  and  Mr.  Beach  sup- 
plied the  demand.  The  New  World,  under  Park  Benja- 
min, was  regarded  as  the  be*st  literary  paper  ever  pub- 
lished in  New  York.  The  Express,  under  the  control  of 
William  Townsend,  was  a  high  toned,  spicy,  and  read- 
able sheet. 

James  Watson  Webb,  at  the  head  of  the  Courier 
and  Enquirer,  was  one  of  the  marked  men  of  his 
age.  He  stood  out  on  great  occasions  and  surpassed 
all  others  at  public  dinners.  He  was  always  in  hot 
water,  sudden  and  quick  to  quarrel,  ready  to  fight  for 
himself  or  his  friends,  and  mixed  up  with  every  social 
affray  of  the  times.  William  L.  Stone  always  ranked 
high  with  the  religious  community.  He  was  a  man  of 
medium  height,  of  fine  presence,  and  very  intelligent. 
He  attacked  Vanderbilt  very  furiously  in  the  Commer- 
cial for  his  course  in  steamboating  in  the  East  and 
North  rivers.  He  was  especially  savage  in  his  com- 
ments on  an  act  attributed  to  Vanderbilt.  It  was 
rumored  that  when  the  General  Jackson  blew  up,  Van- 
derbilt leaped  ashore  just  before  the  explosion,  and 
while  the  air  was  full  of  fragments  of  the  boat  and 
limbs  of  the  maimed  and  killed,  the  Commodore  cried 
out,  "  Aint  I  a  lucky  dog  ?  "  Soon  after  the  article  was 
written  Col.  Stone  had  an  invitation  to  lecture  on 
Staten  Island.  He  was  assigned  to  Commodore  Van- 
derbilt as  a  guest.  The  Commodore  met  him  at  the 
landing  with  his  carriage,  drove  him  to  his  house,  and  en- 
tertained him  like  a  prince.  After  the  lecture  a  leve'e 
was  held,  and  special  pains  were  taken  to  do  honor  to 
the  lecturer.  Mr.  Stone  felt  quite  uneasy,  and  after 
the  company  departed,  he  made  some  allusion  to  the 


PERSONAL  OF  THE   OLD  PRESS.  517 

article  lie  had  written,  as  to  the  severity  of  its  tone, 
and  regretted  that  he  had  not  known  Commodore 
Yanderbilt  better  before  he  wrote  it.  He  was  greatly- 
annoyed  when  Yanderbilt  said  to  him:  u The  joke  is, 
Colonel  Stone,  that  the  article  is  not  true.  I  not  only 
never  used  the  words,  but  I  was  not  in  command  of  the 
Jackson  at  the  time,  and  was  not  on  board.  A  rela- 
tive of  mine  was  in  command  of  the  boat."  "But 
why,"  said  the  astonished  Colonel,  udid  you  not  have 
the  matter  corrected ? "  The  Commodore  replied,  "It 
could  make  no  difference  to  me.  My  friends  knew 
better,  and  my  enemies  already  thought  as  badly  of  me 
as  they  could,  and  the  report  could  not  damage  me. 
But  my  relative  had  his  fortune  to  make  and  it  would 
have  ruined  him,  and  I  chose  to  bear  the  report  myself." 
The  Colonel  made  a  handsome  retraction,  and  the 
Commodore  and  himself  were  lifelong  friends. 

William  Gaylord  Clark  was  one  of  the  handsomest 
men  of  his  day.  A  head  and  shoulders  above  his  com- 
peers, he  put  on  no  airs,  and  seemed  to  forget  himself 
in  his  associates.  He  was  an  off-hand  speaker  and 
writer.  Mordecai  Noah,  of  the  Evening  Star,  Noah's 
Weekly  Times,  and  the  Courier  and  Enquirer,  was  a 
ripe  scholar,  a  musical  and  dramatic  critic,  who  had  no 
rival.  William  C.  Bryant  was  a  staid,  grave  young 
man,  with  the  same  characteristics  that  mark  him  to- 
day, and  always  of  the  highest  respectability.  David 
Hale  came  prominently  to  the  surface,  in  connection 
with  the  Journal  of  Commerce.  The  paper  was 
founded  by  Arthur  Tappan,  who  proposed  a  high 
toned  commercial  sheet,  from  which  all  questionable 
advertisements  should  be  excluded.     No  theatres,  or 


518         PERSONAL  OF  THE   OLD  PRESS. 

places  of  amusement,  no  drinking  establishments,  or 
fancy  pastimes  were  to  soil  the  columns  of  the  Journal. 
Hale  differed  from  Arthur  Tappan  in  the  management  of 
the  paper,  purchased  Mr.  Tappans  interest,  and  made 
the  paper  a  profit  and  a  power.  Mr.  Hale  was  mainly 
instrumental  in  introducing  Congregationalism  into 
New  York  and  Brooklyn.  He  purchased  the  Taber- 
nacle and  held  it  till  the  day  of  his  death  in  the  inter- 
ests of  the  Congregationalists.  He  was  mainly  instru- 
mental in  founding  Dr.  Storrs's  church,  on  Brooklyn 
Heights,  and  contributed  largely  to  the  new  enterprise 
which  grew  into  the  Plymouth  congregation.  Hale 
was  a  tall,  spare,  lank  looking  man,  of  immense  energy 
and  perseverance.  He  was  a  good  representative  of 
the  New  England  character.  Moses  Y.  Beach  was  an 
energetic  man,  of  full  life  and  habits,  sharp  and  quick 
in  business,  nervous,  and  had  the  peculiarity  of  keeping 
his  eye  keenly  fixed  on  any  one  with  whom  he  was 
conversing.  During  the-  larger  part  of  his  literary 
career,  Willis  affected  the  exquisite.  He  wore  his  hair 
long  and  curly  ;  was  redolent  of  perfume  ;  wore  showy 
vests,  flashing  neckties,  patent  leather  boots,  laven- 
der gloves,  and  was  dainty  and  foppish.  McDonald 
Clark  was  known  as  the  mad  poet.  He  had  the  run  of 
all  the  hotels  that  lined  Broadway,  from  Bowling 
Green  to  Canal  street.  One  day  he  stalked  in  at  the 
Globe  with  a  semi-tragic  air,  and  seated  himself  at  the 
table.  His  appearance  attracted  general  attention, 
and  it  was  whispered — "That  is  McDonald  Clark."  At 
a  table  not  far  off  sat  a  Broadway  dandy.  He  fixed 
his  eye  glass,  surveyed  McDonald  for  a  moment,  and 
said  in  a  musing  tone,  yet  audible  to  the  whole  com- 


TUa  519 

pan;  5  that  is  the  mad  poet."  Clark  raised  his 
head,  and  their  eyes  met  Arising  with  gre&t  delibe- 
ration, Clark  took  up  an  empty  plate,  marched  round 
to  the  place  where  the  dandy  was  seated,  and  said  in 
a  deep  tragic  voice,  "A  quarter  of  dollar,  if  you  please 
"Good  gracious,  what  for?'1  said  the  exquisite. 
"  Why.  sir."'  said  Clark,  "I  always  charge  a  quarter  of 
a  dollar  when  I  am  put  on  exhibition."  The  knight  of 
the  eye-glass  put  a  quarter  on  the  plate,  Clark  pock- 
eted it,  and  amid  the  roar  of  the  company,  went  back 
to  finish  his  dinner  in  peace. 

THE   MODERN   PRESS. 

The  press  of  modern  days  is  quite  a  different  matter 
from  what  it  was  when  the  daily  press  was  founded  in 
Wall  Street.  The  leading  daily  papers  are  fortunes  in 
themselves.  Shrewd  capitalists  invest  in  the  stock — 
a  share  can  scarcely  be  bought  at  any  price.  The  daily 
press  of  Xew  York  commands  the  sharpest  pens  and  the 
ablest  writers.  The  keenest  ability,  learning,  wit  and 
fancy  have  here  full  play.  There  is  a  fascination  about 
the  press  that  draws  preachers  from  the  pulpit,  allures 
lawyers  from  a  lucrative  practice,  and  induces  poets  to 
hang  their  harps  ou  the  willows.  Men  buy  and  sell 
through  the  columns  of  the  press.  Its  judgment  makes 
or  mars  the  fortune  of  an  author.  The  fashionable 
world  do  not  know  whether  to  applaud  or  hiss  a  new 
actor,  till  the  press  has  spoken.  The  power  of  the 
press  in  financial  matters  is  immense.  In  the  banking- 
house  of  Henry  Clewes  &  Co.,  there  is  an  apartment 
especially  fitted  up  for  the  city  press.  Nineteen  pa] 
are  represented   in  this  chamber.     Here   the  money 


520  EMINENT  FINANCIAL  EDITORS,  ETC. 

articles  are  written,  and  the  ablest  pens  in  New  York 
are  employed  in  this  department. 

EMINENT    FINANCIAL    EDITORS. 

There  is  no  department  so  powerful  as  the  financial 
column  in  the  daily  press.  It  requires  rare  talent,  an 
industry  that  never  flags,  and  high  toned  integrity  to 
write  a  reliable  money  article — one  in  which  the  street 
has  confidence.  Men  can  be  found  by  the  hundred 
who  can  write  an  able  leader,  criticise  an  actor  or 
singer,  itemize  the  city  and  do  the  odd  jobs  about  a 
daily  nawspaper.  But  to  be  in  repute  as  a  commercial 
editor  is  a  rare  thing.  But  few  men  have  the  neces- 
sary combinations,  and  when  a  paper  gets  a  reliable 
money  writer,  his  position  is  usually  fixed  for  life. 
Among  the  writers  that  can  be  seen  daily  in  Clews' 
banking  house,  are  men  advanced  in  life,  who  have  been 
connected  with  the  same  paper  for  thirty  or  forty 
years.  Some  of  the  writers  seem  scarcely  twenty-five, 
who  are  entering  upon  their  twentieth  year  of  service. 
It  is  a  very  lucrative  position,  and  besides  the  high 
pay  which  the  service  commands,  the  influence  of  a 
money  article  on  a  line  of  stocks  is  so  great,  that  if 
a  favorable  notice  can  be  secured  for  a  handsome 
check,  it  is  regarded  as  well  laid  out. 

THE    FINANCIAL   EDITORS. 

The  financial  editors  make  quite  an  "institution"  in 
Wall  Street,  or  at  least  those  re  presenting  the  Associ- 
ated Press  newspapers.  The  position  of  financial 
editor  increased  in  importance  with  the  war  and  the 


THE  FINANCIAL  EDITORS.  521 

"  legal  tender  "paper  money.     In  fact    the  financial 

department  of  a  New  York  "daily"  is  now  the  most 
important  one  on  a  newspaper.  The  work  is  both 
difficult  and  intricate,  and  to  learn  the  ins  and  outs  of 
Wall  Street  is  almost  the  work  of  a  life-time.  The 
gentlemen  who  at  present  represent  the  daily  press  in 
Wall  Street  are  possessed  of  far  more  than  the  ordinary 
amount  of  talent ;  and  taken  as  a  whole,  really  repre- 
sent more  brains  than  has  been  at  any  previous  time 
concentrated  by  the  papers.  The  financial  editors 
make  public  opinion  to  a  large  extent  on  all  financial 
and  commercial  matters,  and  viewed  in  this  aspect, 
their  position  is  one  of  great  importance  and  responsi- 
bility. These  gentlemen  frequently  criticise  each  other 
in  their  columns,  but  personally,  as  a  general  thing, 
their  relations  with  each  other  are  extremely  cordial. 
These  gentlemen  are  very  industrious,  and  can  be  seen 
during  the  day  flitting  in  and  out  of  the  stock  ex- 
change and  gold  room,  and  the  different  offices  on  the 
street,  and  now  and  then  hobnobbing  with  the  leading 
men  of  Wall  Street ;  thus  they  hear  all  sides,  and  in 
this  way  arrive  at  an  intelligent  opinion  of  matters  and 
things. 

A  remarkable  feature  of  this  fraternity  is  the  fact 
that  most  of  its  members  have  been  a  very  long 
time  in  their  respective  positions.  The  wear  and  tear 
of  Wall  Street  life,  and  the  excitement  attendant  upon 
the  many  violent  fluctuations  on  the  Stock  Exchange, 
have  told  upon  some  of  the  financial  editors;  and  a 
few  have  retired  for  rest,  only  to  pass  from  their  earthly 
homes.  The  financial  editors  generally  lead  a  very 
temperate  and  regular  life,  and  this  probably  accounts 


522  THE  FINANCIAL  EDITORS. 

for  the  fact  that  the  mortality  among  them  has  not  been 
greater. 

Among  those  who  have  passed  away  is  Mr.  Snow, 
for  many  years  the  representative  of  the  Tribune. 
Mr.  Snow  was  a  genial  gentleman  and  always  took 
life  very  easy.  He  edited  a  very  good  "  money  mar- 
ket," but  was  not  generally  considered  a  brilliant  writer. 
Under  his  regime  the  Tribune  prospered  and  was  con- 
sidered quite  an  authority  on  financial  matters.  Mr. 
Snow  retired  and  spent  several  years  in  Europe  for  the 
purpose  of  recruiting  his  health,  but  shortly  after  his  re- 
turn to  this  country  he  died. 

Mr.  S.  T.  Clarke  succeeded  Mr.  Snow  on  the  Tribune 
and  held  the  position  for  some  years,  when  ill  health 
caused  him  to  take  a  trip  to  Europe,  and  he  never 
lived  to  return,  having  died  in  Genoa.  Mr.  Clarke 
commenced  his  career  as  a  newspaper  man  on  the 
Evening  Express,  and  was  finally  taken  into  partner- 
ship by  the  Messrs.  Brooks.  The  profits  resulting 
from  this  partnership  were  the  foundation  of  a  fortune 
for  Mr.  Clarke,  and  at  the  time  of  his  death  he  was  a 
large  owner  in  the  Tribune.  The  famous  lawsuit  of 
Clarke  vs.  Brooks,  which  was  finally  compromised, 
brought  Mr.  Clarke  prominently  before  the  public, 
Mr.  Clarke  was  a  man  of  strong  prejudices,  and  this1 
was  frequently  shown  in  his  writings.  His  financial 
views,  as  publicly  expressed,  changed  with  remarka- 
ble rapidity,  and  he  was  a  man  of  unusual  vacillation 
in  this  respect. 

Mr.  S.  T.  Clarke  was  succeeded  by  his  brother,  Mr. 
Edwin  Clarke,  who  recently  retired  from  the  Tribune, 
and  in  turn  was  succeeded  by  Mr.  J.  S.  Briggs,  who  at 


TEE  l  /A- 1 NCIAL  EDITORS.  523 

present  edits  the  money  column.  Mr.  Edwin  Clarke 
always  gave  a  very  fair  report  of  matters  in  Wall 
Street,  but  did  not  branch  out  much  in  the  way  of  edi- 
torial discussion  of  passing  events. 

And  now  while  dwelling  upon  the  past,  we  will  take 
a  look  at  those  financial  editors  who  have  retired  from 
newspaper  life,  but  who  still  remain  with  us. 

Mr.  Kettell  was  the  first  money  writer  of  the  Herald 
who  gave  that  journal  a  reputation  among  financial 
men.  Mr.  Kettelfs  forte  was  statistics  and  elaborate 
essays  on  the  condition  of  the  country.  His  views  of 
affairs  were  tinged  writh  a  good  deal  of  acidity,  and  the 
gloomy  rather  than  the  bright  aspect  of  current  events 
was  generally  taken  by  him.  He  retired  from  the 
Herald  to  establish  the  Dry  Goods  Economist,  a 
weekly. journal  devoted  to  the  dry  goods  as  well  as 
other  business  interests.  He  afterwards  went  to  San 
Francisco  and  settled  there. 

Mr.  Hudson  succeeded  Mr.  Kettell  as  money  writer 
of  the  Herald,  and  was  not  remarkable  for  any  striking 
qualities  beyond  a  general  abuse  of  the  old  Stock  Ex- 
change. He  retired  and  settled  on  a  farm  in  the  East- 
ern States. 

Mr.  Hudson  was  succeeded  by  Mr.  John  Bonner,  a 
native  of  Canada,  of  versatile  talents.  Mr.  Bonner 
wrote  fluent  articles,  and  as  his  associations  were  chiefly 
with  the  leading  clique  operators,  his  money  articles 
were  of  much  more  advantage  to  them  than  to  the  pub- 
lic. Mr.  Bonner  left  the -Herald  suddenly  and  became  a 
broker  on  the  street.  He  is  at  present  President  of 
the  Bankers  and  Brokers  Association,  which  has  been 
very  successful  under  his  management. 


524  THE  FINANCIAL  EDITORS. 

JVlr.  Bonner  was  succeeded  on  the  Herald  by  Mr. 
Kinahan  Cornwallis,  who  in  turn  retired  and  was 
succeeded  by  Mr.  Fitzpatrick,  who  at  present  rep- 
resents the  paper  in  Wall  Street.  Mr.  Cornwallis 
was  an  accomplished  English  gentleman,  very  par- 
ticular in  his  dress,  and  earned  the  proud  title  of  the 
"Beau  Brummell"  of  the  New  York  Press.  He  was 
certainly  talented,  and  at  times  wrote  a  very  polished 
money  article,  although  he  dwelt  rather  too  much 
upon  John  Stuart  Mill  and  other  political  economists 
of  Europe.  Toward  the  latter  part  of  Mr.  Cornwal- 
l's career,  he  indulged  largely  in  opprobrious  epithets 
when  writing  of  the  brokers  and  speculators  of  Wall 
Street,  whereby  he  lost  caste.  Mr.  Cornwallis. was  of 
a  very  aristocratic  turn  of  mind,  too  much  so  for  a 
financial  editor,  who  in  the  pursuit  of  his  daily  vocation 
is  required  to  mingle  with  those  whom  he  would  not 
associate  with  outside  of  Wall  Street.  Mr.  Cornwallis 
after  his  retirement  from  the  Herald  bought  the  Albion 
and  at  present  manages  that  paper  which  is  more  in 
accord  with  his  literary  taste. 

Mr.  Hicks  formerly  represented  the  Evening  Post, 
but  during  the  rebellion  retired  from  the  paper  and 
spent  some  time  in  Europe.  Mr.  Hicks  wrote  a  very 
good  money  article,  the  very  best  which  the  Post  ever 
had  until  the  present  incumbent,  Mr.  Whiting,  took 
charge.  Mr.  Hicks  was  an  eccentric  genius  in  his  way 
and  had  many  friends.  One  of  his  peculiarities  was 
his  quick  and  rather  wild  way  of  talking,  which  al- 
ways conveyed  an  idea  to  his  hearers  that  he  was  in  a 
great  hurry  and  only  had  a  few  moments  to  live.  Mr. 
Hicks,  during  his  sojourn  abroad,  resided  much  of  the 


THE  FINANCIAL  EDITORS.  525 

time  in  Switzerland,  and  upon  his  return  lie  wore  long 
flowing  locks  and  a  high  brigand  hat,  which  earned 
him  the  title  of  the  "  Representative  from  Switzer- 
land," by  which  name  he  has  ever  since  been  known. 
After  his  return  from  Europe  he  entered  the  arena  of 
Wall  Street  as  an  active  speculator  and  finally  came 
out  morally  stronger,  but  financially  weaker.  lie  at 
present  is  engaged  in  running  a  saw  mill  and  editing 
a  newspaper  in  the  far  West,  We  trust  that  he  will 
find  his  present  vocation  more  profitable  than  his  last 
experiences  in  Wall  Street, 

Mr.  Hicks  was  succeeded  on  the  Post  by  Dr.  Mars- 
land,  who  held  the  position  for  a  long  time.  The 
Doctor  in  his  financial  column  was  always  in  a  "per- 
turbed" state  of  mind,  and  vibrated  between  "incer- 
titude" and  a  "concatenation  of  fortuitous  circumstan- 
ces." He  finally  left  the  Post  and  established  a  small 
evening  paper,  called  the  Commonwealth,  which  is  still 
in  existence. 

Mr.  Dinsmore,    of  the    Stockholder,    was   the  next 
financial   editor  of  the   Post,  but  he  only  remained  a 
few  weeks  in  the  position,  and  was  succeeded  by  Mr 
Whiting,    the   present  gentlemanly  representative  of 
the  paper  in  Wall  Street. 

The  Commercial  Advertiser,  a  long  way  in  the  past, 
was  represented  by  Mr.  Clayton,  one  of  its  proprie- 
tors. Mr.  Clayton  remained  until  the  paper  passed 
into  the  hands  of  Thurlow  Weed,  when  Mr.  Dodsworth 
assumed  charge  of  the  financial  department.  Mr. 
Clayton  edited  a  very  fair  money  market,  but  was 
never  distinguished  for  any  remarkable  trait  of  char- 
acter. 


526  THE  FINANCIAL  EDITORS. 

In  the  preceding  paragraphs  the  reader  has  a  sur- 
vey of  the  financial  editors  of  the  past,  and  now  let 
us  take  a  glance  at  the  gentlemen  who  at  present  rep- 
resent the  Press  of  New  York  in  Wall  Street,  and  who 
make  public  opinion  on  financial  affairs.  No  broker  or 
speculator  in  Wall  Street,  or  hardly  any  merchant  pro- 
ceeds to  business  for  the  day  without  first  seeing  what 
some  or  all  of  the  financial  editors  have  to  say  in  regard 
to  the  financial  situation.  Thus  it  is  clear  that  these 
gentlemen  exercise  a  great  influence  on  the  public 
mind  and  their  responsibility  is,  therefore,  quite  appa- 
rent. In  taking  a  view  of  the  present  financial  editors 
and  their  many  and  peculiar  styles  of  writing,  we  will 
commence  with  the  morning  journals. 

The  Journal  of  Commerce,  for  the  long  period  of 
twenty  years  has  been  represented  by  Mr.  David  M. 
Stone.  Mr.  Stone  never  has  paid  much  attention  to 
the  details  of  Wall  Street  or  its  news,  but  contents 
himself  with  the  most  general  allusion  to  these.  His 
great  forte  is  commercial  statistics,  and  in  this  respect 
he  is  without  a  rival.  He  keeps  the  most  complete 
set  of  statistics,  and  as  a  commercial  writer  stands 
very  high.  His  money  market  is  made  up  chiefly  of 
"answers  to  correspondents,"  some  of  which  are  very 
amusing  and  properly  belong  any  where  but  in  the 
financial  column  of  the  paper.  Mr.  Stone  is  possessed 
of  man's  full  share  of  vanity  and  egotism,  but  notwith- 
standing these  peculiarities,  he  is  much  esteemed  as  a 
polite  and  charitable  gentleman.  The  Journal  of 
Commerce  was  reconstructed  during  the  rebellion  and 
Mr.  Stone  appeared  on  the  scene  as  one  of  its  princi- 
pal proprietors.     At   present   he   writes  most  of  the 


THE  FINANCIAL  EDITORS.  527 

leading  editorials,  and  has  full  charge  of  the  paper. 
He  lately  purchased  a  magnificent  residence  in  13rook- 
Ivn,  and  can  be  frequently  seen  driving  through  Pros- 
pect Park  with  his  splendid  turn-out,  Mr.  Stone  worked 
hard  to  make  a  commercial  reputation  for  the  Journal 
of  Commerce,  and  in  his  latter  days  is  being  amply 
rewarded  for  his  industry. 

The  Times  is  represented  by  Mr.  Caleb  C.  Norvell, 
who,  we  believe,  has  held  the  position  for  nearly  a  score 
of  years.  Mr.  Norvell  is  very  eccentric  in  some  re- 
spects, and  is  a  man  of  strong  partisan  bias.  He  is 
intensely  patriotic  and  always  stands  by  the  financial 
policy  of  every  national  administration  of  his  own  poli- 
tical faith.  In  feeling,  Mr.  Norvell  is  generally  a  ' '  bull," 
and  takes  the  "  rosy  "  side  of  the  situation  ;  in  fact  he  is 
sometimes  called  u  Love  among  the  Roses."  In  his 
financial  writings,  "he  imitates  closely  the  dignified  and 
ponderous  style  of  the  London  Times.  Mr.  Norvell  is 
great  on  the  "Public  Funds,"  as  he  styles  the  Govern- 
ment bonds.  In  railway  matters,  he  always  stands  by 
Commodore  Vanderbilt  and  his  railway  policy.  One 
of  Mr.  NorvelPs  constant  companions  is  a  cane  which 
he  brings  down  with  great  force  when  engaged  in  an 
exciting  argument,  and  woe  be  to  the  favorite  corn 
which  this  cane  touches  in  his  excited  moments.  Mr. 
Norvell  is  a  polished  and  honorable  gentleman,  and 
enjoys  the  esteem  of  a  large  circle  of  friends. 

The  World  has  been  represented  for  ten  years,  or 
ever  since  it  was  established,  by  Mr.  David  M.  Melliss. 
Mr.  Melliss  was  formerly  one  of  the  largest  importers 
in  the  line  of  laces  and  hosiery  in  this  country,  and  for 
a  great  many  years  a  prominent  merchant  in  this  city. 


528  THE  FINANCIAL  EDITORS. 

He  commenced  his  business  career  at  a  very  early  pe- 
riod of  life,  and  probably  has  the  finest  business  edu- 
cation of  any  man  connected  with  the  New  York  Press. 
He  is  a  bold,  dashing  writer,  and  grasps  his  subjects 
with  great  vigor  and  clearness.  His  style  is  very  pe- 
culiar, and  his  articles  reflect  a  powerful  intellect  and 
thorough  knowledge  of  political  economy  and  the  haute 
finance  in  their  theory  and  practical  bearing  on  the 
business  of  the  country,  and  the  course  of  prices  in  all 
the  markets.  During  the  dark  days  of  the  rebellion, 
the  World  fell  into  disfavor  with  the  public  in  conse- 
quence of  its  political  course,  and  at  this  critical  junc- 
ture Mr.  Melliss'  financial  articles  attracted  great  atten- 
tion, and  no  doubt  saved  the  paper  from  passing  out  of 
existence  as  many  others  have  done  before  it.  The 
bold  and  unequivocal  manner  with  which  the  upward 
course  of  the  price  of  gold  above  two  dollars  was  pre- 
dicted in  the  financial  column  of  the  World  after  the 
passage  of  the  Legal  Tender  Act,  and  the  scathing 
criticisms  of  Secretary  Chase's  financial  policy,  at  once 
attracted  the  attention  of  the  whole  country  and  has 
ever  since  made  the  World's  financial  column  an  indis- 
pensable necessity  to  every  banker  and  business  man. 
In  fact  the  financial  writings  of  Mr.  Melliss  have  made 
the  circulation  of  the  World  about  as  extensive  among 
republicans  as  among  democrats.  For  a  long  time 
past  the  first  thing  asked  in  the  morning  on  the  Stock 
Exchange  is,  u  What  does  Mr.  Melliss  say  about  the  mar- 
ket in  his  financial  article  ?  "  One  of  the  peculiarities 
of  Mr.  Melliss  is  his  quoting  previous  articles  to  show 
how  correct  he  has  been  in  his  prognostications.  The 
World  without  Mr.  Mellis  would  be  very  much  like 


THE  FINANCIAL  EDITORS.  529 

a  church  without  a  pulpit,  or  a  pulpit  without  a  minis- 
ter. Mr.  Mclliss  enjoys  a  very  extended  acquaintance 
among  financial  and  business  men,  and  is  highly  esteem- 
ed  as  an  accomplished  gentleman  and  thorough  man  of 
business. 

The  Herald  is  represented  by  Mr.  Fitzpatrick,  who. 
we  believe,  was  formerly  attached  to  the  reportorial 
corps  of  that  journal.  Mr.  Fitzpatrick  is  an  amateur 
in  finance,  and  seems  to  navigate  carefully  until  he  has 
acquired  a  better  knowledge  of  men  and  things  in 
Wall  Street.  He  gives  the  news  of  the  street  in  detail, 
and  has  not  as  yet  done  anything  remarkable  in  the 
way  of  writing.  He  is  a  conscientious  and  painstak- 
ing young  man,  and  will  probably  rise  in  his  profes- 
sion in  the  future. 

The  Tribune  is  represented  by  Mr.  John  A.  Briggs, 
formerly  State  Agent  of  Ohio,  in  this  city.  He  has 
only  been  on  the  Tribune  for  a  short  time,  and  has 
made  some  mistakes  which  every  novice  in  his  line  is 
apt  to  make  when  he  first  starts  out.  Mr.  Briggs  is  a 
mild  gentleman  and  has  many  friends. 

The  Sun  is  represented  by  Mr.  J.  H.  Almy.  who  was 
a  colonel  during  the  war,  and  State  Agent  of  Con- 
necticut. The  Sun,  owing  to  its  small  size,  does  not 
devote  a  very  large  space  to  finance,  and  therefore  Mr. 
Almy  has  very  little  chance  to  display  himself. 

The  evening  papers  chronicled  the  result  of  so  many 
important  battles  during  the  war,  that  they  have  in- 
creased greatly  in  importance  within  the  last  decade. 
It  is  a  remarkable  fact  that  scarcely  any  business  man 
now  thinks  of  retiring  at  night  without  having  first 
perused  either  the  Post,  Express,  or  Commercial  Ad- 
31 


530  THE  FINANCIAL  EDITORS.. 

vertiser.  All  these  journals  have  many  warm  advo- 
cates and  friends,  and  their  influence  is  plainly  felt  in 
the  community. 

The  Evening  Express  is  represented  in  Wall  Street 
by  Mr.  Henry  A.  Jackson,  who  has  been  connected 
with  the  paper  in  its  commercial  and  financial  depart- 
ments, we  believe,  for  the  space  of  about  seventeen 
years.  Mr.  Jackson  is  a  gentleman  of  varied  talents, 
and  in  early  life  received  a  thorough  mercantile  edu- 
cation, which  is  displayed  in  his  writings.  In  editing 
the  financial  column  of  the  Express  he  takes  a  wider 
scope  than  most  of  the  financial  editors  of  the  other  pa- 
pers, and  includes  reviews  of  all  the  different  branches 
of  trade.  This  has  given  the  Express  a  high  standing  in 
the  business  community,  and  of  late  years  it  has  been 
regarded  as  an  authority  on  finance  and  business  gen- 
erally. Another  feature  of  the  financial  column  of 
the  Express  is  its  elaborate  and  comprehensive  views 
at  periods,  of  the  crops  of  the  country  and  crop  pros- 
pects. Many  of  these  articles  have  been  copied  exten- 
sively, and  attracted  much  attention.  Mr.  Jackson 
gives  the  news  of  the  street  in  detail,  and  discusses 
with  vigor  in  the  many  editions  of  the  Express,  all  the 
leading  financial  questions  of  the  day,  as  rapidly  as  they 
arise.  He  wields  a  quick  and  sharp  pen,  and  gives 
every  promise  of  a  brilliant  career  in  his  profession. 
Mr.  Jackson  occasionally  gives  the  public  a  slight  touch 
of  the  humorous,  and  under  the  guise  of  u  gossip  of  the 
street,"  tells  some  truths  about  men  and  things  in  Wall 
Street,  which,  in  any  other  shape  might  not  be  palat- 
able to  the  individuals  concerned.  Another  peculiar 
feature  of  this  gentleman's  writing,  is  the  comprehen- 


THE  FINANCIAL  EDITORS.  531 

sive  programmes  of  intended  great  movements  on  the 
Stock  Exchange,  and  in  the  Gold  Room  in  advance  of 
the  movements  themselves,  which  he  periodically  gives 
to  the  public.  These  programmes  have  attracted  con- 
siderable attention  from  their  general  correctness,  and 
have  added  much  to  the  financial  reputation  of  the 
Express.  Mr.  Jackson  is  a  genial  gentleman  and  al- 
ways has  a  smile  or  a  pleasant  word  for  every  one  of 


his  friends  on  the  street.     Although  one  of  the 


r  ' 


younj 


est  in  years,  he  is  one  of  the  oldest  in  experience  of  the 
present  financial  editors.  His  writings  are  devoid  of 
prejudice  and  are  regarded  as  just  and  reliable.  It  is 
only  an  act  of  justice  to  this  young  and  talented 
gentleman  to  say  that  he  has  made  the  Express,  finan- 
cially, the  liveliest  and  most  readable  evening  paper  of 
New  York  City.  Mr.  Jackson  has  a  very  wide  acquaint- 
ance among  financial  and  business  men,  and  is  highly- 
esteemed  as  an  affable  and  polished  gentleman  by  % 
large  circle  of  friends. 

The  Evening  Post  is  at  present  and  has  been  for- 
about  two  years  represented  in  Wall  Street  by  Mr.  X. 
F.  Whiting,  a  young  man  of  pleasing  and  agreeable 
address.  Mr.  Whiting  was  in  the  War  Department  at 
Washington  for  a  number  of  years,  and  afterwards  made 
his  entree  in  Wall  Street  in  the  role  of  a  broker,  but 
he  finally  left  that  business  and  assumed  his  present 
position.  He  is  of  a  somewhat  nervous  disposition, 
but  is  exceedingly  industrious,  and  can  be  seen  daily 
floating  on  the  street  with  his  constant  companions, 
a  lead  pencil  and  a  piece  of  paper,  anxious  for  news, 
which,  if  he  gets  any,  goes  down  on  the  paper  quickly. 


532  THE  FIN  A  NCIAL  EDITORS. 

He  gives  a  very  good  report  of  actual  events  in  Wall 
Street,  but  does  not  discuss  matters  editorially  to  any 
great  extent.     This  is  not  Mr.  Whiting's  fault,  as  he  is 
both  gifted  and  talented,  and  perfectly  able  to  handle 
his  subjects,  but  it  has  been  the  policy  of  the  Evening 
Post  to  avoid  discussions  to  a  great  extent  in  its  finan- 
cial column,  for  years  past.     Its  proprietors   seem  to 
prefer  to  have  the   column  filled  up  with  dry  figures 
and  quotations.     Thus  the  Post  frequently  has  a  heavy 
appearance  financially.     Mr.  Whiting  has  really  put 
more  life  into  the  financial  column  of  the  Post  and  made 
it  far  more  readable  than  during  the  reign  of  any  of 
his  predecessors  since  the  days  of  Mr.  Hicks.     In  fact 
he  has  greatly  improved  the   Post  financially.     Mr. 
Whiting  has  both  youth  and  vigor  on  his  side,  and  as 
a  financial  writer,  is  likely  to  rise  in   his  profession. 
Personally  he  is  a  gentleman  of  very  liberal  opinions 
and  has  a  wide  circle  of  friends  in  Wall  Street. 

The  Commercial  Advertiser  is  represented  by  Mr. 
William  Dodsworth,  who  also  assists  in  editing  the 
Financial  Chronicle,  Dry  Goods  Economist,  and  Daily 
Bulletin.  Mr.  Dodsworth  is  a  fine  theoretical  writer, 
and  branches  out  considerably  in  this  line.  He  also 
writes  letters  on  the  theory  of  finance  for  gentlemen 
who  are  desirous  of  acquiring  a  financial  reputa- 
tion, but  who  are  destitute  of  the  necessary  brains. 
This  letter  writing  is  also  done  by  some  of  the  other 
financial  editors,  and  many  of  the  epistles  of  public 
men  on  finance,  which  appear  occasionally  in  the  Press, 
are  simply  from  the  brains  of  the   financial  editors. 

Mr.   Dodsworth   leads  a  Jbusy  life  with   his  many 


THE  FINANCIAL  EDITORS.  533 

papers.  In  his  daily  article  in  the  Commercial  Adver- 
tiser, he  deals  but  little  with  news  and  mostly  with 
theory.  Mr.  Dodsworth  is  a  pleasant  gentleman  and 
has  many  friends. 


LI. 
EMINENT   CLERGYMEN   IN  WALL  STREET. 

Dr.  Edward  Payson. — Whitfield.  —  Wesley. — Witherspoon. — In  the 
Street.  —  Payson,  the  Ideal  Man. — The  Keal  Man. — Lever  of  a 
Horse. — Knocking  down  the  Pins. — Outwits  a  Man  of  the  World. — 
Influence  over  the  Young. 

REV.    DR.    EDWARD   PAYSON. 

The  eminent  clergymen  of  the  country  have  preached 
in  Wall  Street.  As  I  have  said  elsewhere,  the  leading 
churches  and  eminent  congregations  were  located  in  and 
around  the  street.  Whitfield  drew  immense  crowds  in 
Hanover  Square,  partly  because  no  church  could  hold 
the  congregation ;  and  the  portable  pulpit  from  which  he 
preached  can  be  seen  in  the  rooms  of  the  Tract  House 
on  Nassau  street.  Here  Wesley  delivered  some  of 
his  crisp  short  sermons  early  in  the  morning — "  one 
hour  all  told — singing,  prayer  and  all,  according  to  the 
good  old  Methodist  rule" — as  he  expressed  it.  Jon- 
athan Edwards,  Aaron  Burr,  the  father  of  the  celebrated 
lawyer,  Dr.  Mason,  and  other  eminent  ministers  occu- 
pied the  pulpit  in  Wall  Street.  In  Wall  Street,  Dr. 
Witherspoon  uttered  the  celebrated  words  that  Web- 
ster puts  into  the  mouth  of  John  Adams  : — "  Sink  or 
swim;  live  or  die,"  etc.  While  he  was  making  that 
speech,  some  timid  person  said   that  the  country  was 

(534) 


RE  V.  DR.  ED  1 1  'A  RB  I'A\  SON.  535 

not  ripe  for  a  revolution,  to  which  the  patriot  preacher 
replied,  drawing  himself  up  to  his  full  height,  and  he 
was  taller  than  most  men — "  Sir,  the  country  is  not  only 
ripe  for  independence,  but  is  rotten  for  it,  and  will 
have  it.11  In  the  Street  Rev.  Dr.  Caldwell  often  preached, 
the  most  energetic  and  influential  of  the  clergymen 
who  threw  all  they  possessed  in  favor  of  the  national 
cause.  He  took  the  position  of  commissary  in  the 
army,  because  the  people  would  trust  him  for  the 
supplies  which  the  troops  needed ;  and  in  the  great 
cause,  he  literally  periled  his  life,  fortune,  and  sacred 
honor.  Returning  to  his  home  one  day,  he  found  his 
wife  shot  on  his  step-stone,  and  her  babe  creeping 
around  in  its  mother's  gore.  He  took  the  child  in  his 
hands,  held  it  aloft  toward  heaven,  baptized  it  in  its 
mother's  blood,  and  swore  eternal  hostility  to  a  foe 
that  would  not  spare  women  or  children. 

Rev.  Dr.  Pay  son  preached  some  celebrated  sermons 
in  Wall  Street,  one  of  which,  the  sermon  on  the  sea, 
is  still  remembered  by  those  who  made  a  portion  of  the 
congregation.  Few  men  have  enjoyed  greater  fame, 
and  few  men  have  been  as  little  understood  as  Dr. 
Payson.  The  popular  idea  enshrines  him  as  the  most 
pious  of  men — an  anchorite  in  habit,  a  recluse  in  so- 
cial life,  a  man  who  never  opened  his  mouth  except 
on  religious  topics,  who  exhorted  and  prayed  wherever 
he  went,  and  like  John  the  Baptist,  spent  his  life  in 
warning  men  to  flee  from  the  wrath  to  come.  The 
papers,  sermons,  and  memorials  published,  give  the 
sombre  side  of  his  life.  His  brighter  thoughts,  if  he 
had  any,  have  been  carefully  suppressed.  His  me- 
moirs set  him  forth   as  a  misanthrope,  who  knew  no 


536  PA  YSON  AS  A  MAN. 

sunshine  and  no  joy,  who  dwelt  constantly  on  the  dark 
side  of  life,  and  whose  utterances  were  sad  and  mourn- 
ful as  the  tones  of  a  passing  bell.  The  bright  spark- 
ling things  that  he  said  have  been  suppressed  in  his 
published  works. 

PAYSON    AS    A   MAN. 

Pious,  devoted,  and  eloquent  he  was,  without  doubt. 
But  he  was  a  genuine  man  of  the  world — genial,  social, 
joyous,  cheerful,  and  witty.  He  was  one  of  the  most 
companionable  of  men.  His  congregation  was  made 
up  largely  of  sea  captains,  who  were  not  pious,  though 
their  wives  were  members  of  the  church.  These  men 
knew  Payson,  understood  him,  and  loved  him.  Rough, 
tough,  hardy  seamen,  whose  mothers,  sisters  or  wives 
belonged  to  the  church,  were  proud  of  their  pastor. 
Among  this  class  he  won  many  of  his  trophies.  He 
knew  how  to  adapt  himself  to  all  classes  and  conditions, 
and  in  the  best  sense,  to  become  all  things  to  all  men. 
He  knew  that  a  word  fitly  spoken  only,  was  profitable, 
and  he  knew  when  to  speak  that  word.  He  sailed 
with  his  parishioners,  and  often  made  a  voyage  to  the 
South.  His  coming  on  board  was  hailed  with  joy  by 
the  cabin  and  forecastle.  He  was  a  faithful  friend  to 
the  sons  of  the  sea.  His  presence  cast  no  cloud  over 
the  rough  sports  of  the  voyage,  in  which  he  often  joined. 
He  knew  the  ropes  of  the  ship,  and  took  off  his  coat  to 
share  in  the  toils  of  the  sailors.  He  could  reef  or  haul 
in  sails,  man  the  boats,  fish,  climb  to  the  mast  head, 
tell  stories,  and  make  himself  a  seaman  among  the 
crew.  The  tars  believed  the  parson  was  bora  to  their 
craft.     Like   all   genial,  large  hearted   men,  Payson 


DR.  PAYSON  KNOCKING  DOWN  THE  PINS,  ETC.      537 

loved  a  good  horse,  and  took  no  one's  dust.  He  was 
a  good  judge  of  horse-flesh,  and  rode  and  drove  finely. 
In  this  sport  he  rivalled  Dr.  Hawks. 

DR.    PAYSON    KNOCKING    DOWN    THE    PINS. 

With  several  of  the  families  belonging  to  his  congre- 
gation, Dr.  Payson  spent  ;w  summer  in  Saratoga.  He 
was  the  idol  of  his  friends,  and  the  sea  captains  re- 
garded him  as  a  model  man.  A  company  was  made 
up  for  a  game  at  bowling.  Dr.  Payson  was  one  of  the 
party.  An  enthusiastic  captain  said  to  a  looker-on, 
"Dr.  Payson  is  going  to  roll;  he  will  beat  the  whole 
company,  you  see  if  he  don't.'7  The  man  who  pre- 
ceded Dr.  Payson,  got  a  ten  strike.  "Your  parson 
can't  beat  that,"  said  the  man  addressed,  "  He  may 
do  as  well,  but  he  can't  do  any  better."  "  I  don't  care," 
said  the  captain,  c'Dr.  Payson  will  beat  them  all,  you 
see  if  he  don't."  The  doctor  approached  his  work  with 
great  deliberation,  with  his  coat  off.  He  got  a  ten 
strike.  He  knocked  down  the  boy  as  well  as  the  pins. 
"There,"  said  the  excited  captain,  "I  told  you  Dr. 
Payson  would  beat  them  all,  and  he  has  done  it." 

OUTWITS  A   MAN    OF    THE  WORLD. 

A  gentleman  in  Portland  took  an  exceeding  dislike 
to  Dr.  Payson.  In  a  season  of  marked  religious  inter- 
est, the  man  boasted  that  he  would  put  a  stop  to  Pay- 
roll's revival.  He  erected  a  building  in  his  own  yard 
and  threw  it  open  for  dancing  and  kindred  festivities. 
His  wife,  however,  became  interested  in  the  work,  and 
joined  Dr.  Payson's  church.  It  is  a  New  England  cus- 
tom to  invite  the  minister  and  his  family  to  tea — not  to 


538  OUTWITS  A  MAN  OF  THE  WORLD. 

do-  so  is  a  great  breach  of  courtesy.  Dr.  Payson  was 
invited  to  tea  by  the  wife  of  the  gentleman  referred 
to  ;  the  man  giving  his  consent  on  condition  that  no 
blessing  should  be  asked  at  the  table.  To  save  appear- 
ances, it  was  agreed  that  tea  should  be  handed  round. 
The  host  had  never  met  Dr.  Payson  socially,  and  was 
introduced  to  him  under  Ms  own  roof.  Dr.  Payson 
was  a  perfect  master  of  human  nature.  He  was  one 
of  the  best  talkers  of  his  time.  He  had  great -tact,  and 
understood  the  fitness  of  things.  His  conversation  was 
smooth,  and  flowing  as  a  river ;  full  of  humor  and 
good  common  sense.  He  could  match  a  man  of  the 
world  at  any  time,  and  hoist  an  engineer  with  his  own 
petard.  He  was  a  practical  man ;  at  home  in  history, 
art,  trade,  commerce,  politics,  and  religion.  He  knew 
the  tastes  of  the  man  whom  he  was  to  meet,  and  opened 
a  conversation  on  the  very  topics  in  which  he  was  espe- 
cially interested.  The  host  was  charmed  with  the 
minister.  In  the  midst  of  the  conversation,  the  ser- 
vant and  the  tea  tray  appeared.  The  man  felt  ashamed 
of  the  subterfuge  adopted  to  prevent  Dr.  Payson  from 
exercising  his  profession.  To  the  astonishment  of  his 
wife,  he  ordered  the  tray  to  be  set  on  the  table,  and- 
said  to  his  guest,  "  Dr.  Payson,  will  you  ask  a  bless- 
ing ?"  The  pastor  won.  The  gentleman  became  a  fast 
personal  friend,  and  a  member  of  the  church.  When 
the  High  Street  Church  was  formed,  its  first  meeting 
was  in  the  dance  house  erected  to  break  up  Dr.  Payson's 
revival.  When  the  real  character  of  Dr.  Payson  is 
considered,  it  is  easy  to  see  how  a  church,  balancing 
between  Unitarianism  and  orthodoxy  could  give  Dr. 


BIB  INFLUENCE  OVER  THE  YOUNG.  530 

Pay  son  a  call,  as  the  Parish   of  Portsmouth   did,  now 
known  as  the  Unitarian  parish  of  that  town. 

HIS    INFLUENCE    OVER    THE    YOUNG. 

Dr.  Payson  had  great  power  over  the  fashionable, 
the  gay,  and  the  young.  His  manliness,  his  marked 
ability  as  a  preacher,  his  genial,  social  qualities,  won 
for  him  the  admiration  and  confidence  of  all  classes. 
A  gay  young  doctor  in  Boston,  belonging  to  the  elite 
of  the  city,  lived  near  a  church  in  which  Dr.  Payson 
was  preaching  a  series  of  sermons.  One  evening,  the 
young  doctor  came  down,  dressed  for  an  evening  party. 
The  tone  of  the  bell  reminded  him  that  Dr.  Payson  was 
preaching  near  him.  He  had  an  hour  to  spare,  threw 
on  his  cloak,  went  into  the  church  to  while  away 
his  time,  and  took  a  seat  near  the  door.  He  became 
interested,  remained  till  the  close  of  the  service,  and 
from  that  casual  sermon,  became  one  of  the  most  emi- 
nent christians  of  New  England.  Through  all  his  pro- 
fessional life,  he  stood  at  the  head  of  the  surgeons  of 
the  land. 


LII. 
MUTUAL   LIFE   INSURANCE  COMPANY. 

The   System. — Average  Deaths. — Origin  of  Mutual  Life  Insurance. 
— President  and  Vice  President. — Assets. 

The  great  system  of  Life  Insurance  in  this  country 
originated  in  Wall  Street.  It  was  small  enough  in  its 
beginnings,  though  the  system  now  has  been  refined 
and  perfected,  till  little  more  remains  to  be  done.  It 
is  based  on  the  average  of  life.  So  many  die  annually. 
So  many  from  fever,  plague,  accident,  suicide,  and  com- 
mon mortality.  Human  life  is  found  to  be  the  subject 
of  exact  financial  regulation,  and  is  less  fluctuating  than 
stocks,  more  reliable  than  any  regular  trade  of  the 
world.  In  five  years,  an  average  number  of  persons 
will  die, — will  be  drowned,  burned,  scalded,  smashed 
up  on  rail-roads,  run  away  with  by  frantic  teams,  fall 
from  buildings,  and  be  knocked  down  in  the  streets. 
In  every  part  of  the  civilized  world,  where  postal  facil- 
ities are  enjoyed,  the  average  number  of  absent  mind- 
ed and  careless  people  are  found.  This  is  proved  by 
the  average  number  of  letters  dropped  into  the  post- 
offices,  unsealed,  undirected,  or  without  a  stamp ;  and 
this  ratio  of  careless  people  increases  with  the  increase 
of  population  in  all  large  cities.     Wall  Street  has  the 

(540) 


MUTUAL  LIFE  INSURANCE  CO.  511 

honor  of  introducing  the  first  Mutual  Life  Company  in 

the  United  States.  The  system  originated  in  England, 
and  owed  its  origin  to  the  efforts  of  some  benevolent 
persons,  who  desired  to  secure  from  want  the  widows 
and  orphans  of  the  clergymen  of  England. 

For  more  than  a  quarter  of  a  century  this  company 
has  held  on  its  successful  and  honored  way,  till  it  has 
become  the  largest  cash  institution  in  the  land,  and  as 
a  financial  power  exceeds  that  of  any  bank  in  the  city. 
No  speculation  of  any  kind  is  allowed  by  its  charter. 
Its  funds  can  only  be  invested  in  United  States  stocks, 
stocks  of  the  state  of  New  York,  and  bonds  and  mort- 
gages on  improved  property  within  the  state.  The 
corporation  has  been  managed  by  the  ablest  men  in 
the  country,  representing  all  professions  and  depart- 
ments of  business.  It  makes  all  its  policy  holders 
partners  in  the  profits.  Managing  its  affairs  with  in- 
tegrity and  prudence,  it  has  always  been  liberal  in  the 
payment  of  its  losses,  and  been  generous  as  well  as 
just.  Hundreds  who  hold  a  policy  in  this  company 
not  only  pay  no  premium,  but  have  an  addition  an- 
nually to  the  amount  insured,  by  the  earnings  of  the 
company,  which  are  fairly  divided  with  every  one  in- 
sured. During  the  long  term  of  its  existence,  no  law- 
suit has  been  necessary  to  secure  the  amount  of  the 
policy. 

The  elegant  business  rooms  used  by  this  company 
are  on  Broadway,  and  are  commodious  and  extensive. 
The  property  was  bought  as  an  investment,  and  so 
shrewdly  that  these  elegant  banking  rooms  cost  the 
company  nothing,  for  the  rental  of  the  balance  of  the 
building  pays  for  the  rooms.     Civility,  courtesy,  and 


542  MUTUAL  LIFE  INSURANCE  CO- 

accuracy  as  well  as  integrity  are  required  of  all  who 
are  employed  in  this  establishment. 

The  President,  Frederick  F.  Winston,  ranks  among 
the  first  financiers  on  the  street.  He  is  a  man  of  in- 
domitable industry,  giving  close  attention  to  business, 
and  holding  a  personal  oversight  over  everything  trans- 
acted in  the  establishment.  Presidents  of  banking 
houses  are  early  if  they  reach  their  office  at  ten  in  the 
summer,  and  eleven  in  the  winter.  Mr.  Winston  is  at 
his  official  desk  at  eight  o'clock  in  the  morning,  sum- 
mer and  winter-  Giving  attention  to  the  minutest  de- 
tails of  his  office,  he  never  quits  his  post  till  the  day's 
work  is  done,  and  the  janitor  closes  the  door  for  the 
night.  Mr.  Eichard  McCurdy,  the  Vice  President,  is 
one  of  the  most  genial,  accomplished,  and  skillful  busi- 
ness young  men  in  New  York.  He  would  serve  as 
a  model  to  any  person  desiring  to  succeed  in  business. 
Prompt,  cheerful,  intelligent,  he  has  a  great  knack  for 
discharging  business,  and  can  get  rid  of  garrulous  or 
troublesome  visitors,  without  rudeness  or  offence,  and 
ranks  among  the  best  business  men  in  the  street.  This 
great  company  hold  cash  assets  of  over  thirty  five  mil- 
lions. Should  every  dollar  of  these  assets  be  swept 
away,  which  are  now  invested  in  bonds  and  mortgages, 
real  estate,  in  buildings,  in  State  and  United  States 
Bonds, — with  the  cash  on  hand — the  regular  premi- 
ums payable  in  cash  would  not  be  consumed  in  the 
payment  of  policies  coming  due.  In  speaking  of  this 
company,  as  affecting  the  subject  of  life  insurance 
through  the  country,  Mr.  Barnes,  the  State  Superin- 
tendent of  the  Life  Insurance  Bureau  at  Albany,  says 
of  the  Mutual  Life:     "This  Company  has  for  many 


MUTFAL  LIFE  IX-r/AXr/.j  CO.  543 

years  been  the  representative  Life  Insurance  Company 
of  the  United  States,  and  with  its  successor  failure  the 
whole  system  in  this  country  was  intimately  connected. 
Had  this  Company  failed  or  been  mismanaged,  it  would 
have  injured  every  other  similar  institution.  Its  splen- 
did success,  unparalelled  in  the  history  of  the  busi- 
ness in  any  country,  has  buoyed  up  and  sustained 
scores  of  other  companies  which  have  already  entered 
on  promising  careers  of  success  and  usefulness." 


LIII. 

WHO  MAKE  MONEY  ON  WALL  ST.,  AND 
WHO  LOSE  MONEY. 

The  Wealth  of  the  Street. — Money  easily  Made. — Poor  Boys  and 
Rich  Mem. — "Who  make  Money. — 1st.  Those  who  Buy  and  Sell. — 2d. 
Who  Buy  in  a  Panic. — 3d.  Who  Buy,  Pay,  and  Keep. — 4th.  Who 
Average  Stocks. — 5th.  Content  with  small  Gains. — 6th.  Who  Con- 
trol the  Street. — Who  Lose  Money. — 1st.  All  Caught  by  a  Panic. — 
Mystery  and  Terror  of  a  Panic. — Causes  of  a  Panic. — 2d.  Green 
Operators  — 3d.  Small  Dealers. — 4th.  Infatuated  Women. — 5th.  In 
dustrious  Speculators. — 6th.  Dealers  in  Points. 

I  have  shown  in  this  work  that  somebody  makes 
money  in  the  street.  Speculators  are  at  the  head  of 
banks,  railroads,  gigantic  corporations,  and  the  great 
moneyed  institutions  of  New  York.  They  own  baro- 
nial country  seats,  the  most  expensive  dwellings  in  the 
city,  and  keep  up  their  establishments  in  costly  style. 
The  livered  servants  in  the  Park ;  stables  costing  from 
fifty  to  a  hundred  and  fifty  thousand  dollars ;  extrav- 
agant and  gorgeous  teams,  with  two,  four,  and  six  hors- 
es ;  with  from  one  to  a  dozen  fast  teams,  costing  from 
ten  to  fifty  thousand  each  ;  the  most  valuable  blocks 
in  the  city,  and  imported  furniture,  belong  to  Wall 
Street  operators.  Somebody  must  make  money,  and 
there  must  be  a  way  to  make  it  in  the  Street.  I  have 
shown,  that  losses  in  the  Street  are  tremendous,  and 
almost  inevitable.     Ninety-eight  out  of  every  hundred, 

(544) 


m  DO Y.-  AND  R/i  H  MEX.  5 ±5 

who  have  to  do  with  the  Street,  are  cleaned  out  and 
ruined.  Reverses  are  of  daily  occurrence.  The  for- 
tunate speculators  of  to-day  are  overwhelmed  with 
disasters  to-morrow.  The  boldest  and  most  successful 
operators  die  poor.  Country  speculators,  small  capi- 
talists from  the  rural  districts,  professional  men,  and 
business  men,  who  go  into  the  Street,  to  try  their  for- 
tunes, invariably  lose  what  they  invest.  Their  ruin  is 
only  a  matter  of  time.  The  question  comes,  How  is  it 
that  some  speculators  are  so  fortunate,  and  roll  in  lux- 
ury, and  the  great  mass  are  cleaned  out?  The  ques- 
tion is  one  of  great  interest — "Who  makes  money  in 
Wall  Street,  and  who  loses  money?" 

Any  one  who  wishes  can  make  money  in  Wall  Street, 
or  in  any  other  part  of  New  York.  Making  money  is 
a  trade.  The  laws  of  the  universe  are  not  more  un- 
bending and  regular  than  the  law  of  success  in  Wall 
Street.  Industry,  honesty,  perseverance,  sticking  to, 
one  thing,  invariably  lead  to  success  in  any  reputable 
calling.  There  are  wealthy  men  in  Xew  York,  who 
began  life  picking  up  rags  in  the  street.  They  clean- 
ed the  filthy  waifs,  sold  them,  and  tried  again.  Their 
budget  was  just  what  it  was  represented  to  be.  From 
the  street  or  ash  barrel  they  obtained  a  supply  from 
houses.  Business  increased ;  a  little  shanty  was  taken, 
help  was  needed,  and  the  rag  picker  became  a  whole- 
sale dealer — his  shanty  grew  into  a  warehouse,  and  the 
paper  makers  throughout  the  country  deal  with  him 
to-day.  A  poor  Scotch  widow  returned  to  her  scanty 
rooms  in  Chambers  Street,  having  buried  her  husband. 
She  was  penniless,  as  well  as  desolate.  To-morrow's 
bread  was  uncertain.     Perhaps  the  shelter  of  the  roof 


546  WHO  MAKE  MONEY  ON  WALL  STREET. 

would  be  denied  her,  as  she  had  no  money  to  pay  the 
rent.  She  had  two  little  boys,  one  of  them  proposed 
to  his  mother  to  make  a  little  molasses  candy,  and  he 
would  take  it  out  into  the  street  and  sell  it,  as  he  had  seen 
other  children  do.  The  candy  was  really  very  nice. 
It  was  placed  on  a  tray,  covered  with  an  attractive 
white  cloth,  and  the  boy  was  put  in  clean  dress.  He 
went  around  among  the  merchants,  and  found  a  ready 
sale  for  his  commodity.  His  sales  grew — his  coming 
was  watched  for.  The  widow  set  up  a  little  store. 
The  business  increased.  The  manufacture  of  sugar 
followed.  The  brand  of  the  house  became  celebrated 
in  all  parts  of  the  world.  The  penniless  boys  are  now 
millionares  on  Fifth  Avenue.  Their  donations  to  re- 
ligion and  benevolence  are  the  largest  in  the  country. 
Their  sugar  is  known  throughout  the  civilized  world. 
Not  a  pound  of  impure  candy  can  be  purchased  at  the 
establishment.  The  Queen  of  England  is  a  patron  of 
the  house.  She  sends  annually,  through  the  great 
banking  house  of  Baring  Brothers,  for  a  supply  of 
candy. 

A  poor  boy  on  Long  Island  was  apprenticed  to  a 
printing  house  in  New  York.  The  morning  he  left  his 
home,  his  mother  laid  her  hands  on  his  head,  and  said, 
"James,  you  have  got  good  blood  in  you — be  an  hon- 
est and  good  boy,  and  you  will  succeed."  His  clothes 
were  homespun,  his  shoes  heavy  and  ill  fitting,  and  he 
did  the  dirty  work  of  a  printing  office.  He  worked 
near  Pearl  street  and  Franklin  Square.  Gentlemen 
lived  there  in  those  days ;  lawyers,  merchants,  and  bank- 
ers. As  James  went  to  and  fro  from  his  work,  often 
bearing  the  slops  through  the  street,  he  was  taunted 


POOR  BOYS  AND  RICH  MEN,  547 

by  the  pampered  children  of  the  then  upper  classes 
of  New  York.  They  taunted  him  with  his  servile 
work,  jostled  him  on  his  way,  sported  with  his  pover- 
ty, and  jested  about  his  ill  fitting  clothes.  He  held  on 
his  course,  patiently,  hopefully  ;  the  words  of  his  moth- 
er ringing  constantly  in  his  ear.  He  founded  one  of 
the  largest  houses  in  the  land ;  known  in  all  quarters 
of  the  globe,  which  to-day,  after  a  successful  career  of 
half  a  century,  is  honored  and  prospered  still.  He  be- 
came a  magistrate  of  the  city,  and  had  prouder  titles 
given  him  by  the  poor,  lowly,  and  suffering.  He  lived 
to  see  these  proud  houses,  whose  children  had  taunted 
him,  topple  down.  Those  very  children  come  to  him, 
and  ask  for  employment,  many  of  them  in  their  penu- 
ry, asking  for  aid. 

In  the  smallest  possible  way,  a  resolute  lad  began 
to  make  a  living.  Gathering  the  hoofs  from  slaughter 
houses,  and  from  dead  and  deserted  animals,  he  man- 
ufactured a  little  glue.  It  bore  the  stamp  of  excel- 
lence from  the  start,  which  it  has  never  lost.  Making 
the  article  genuine,  it  led  the  market.  That  boy  is 
now  one  of  the  most  eminent  citizens  of  the  city.  His 
donations  are  larger  than  those  of  any  man,  except 
Astor.  He  has  not  forgotten  his  low  estate  nor  is  he 
ashamed  of  his  early  origin.  The  recipients  of  his 
bounty  are  artizans  and  the  men  and  women  in  hum- 
ble life  who  seek  culture,  and  desire  to  be  wise  in  sci- 
ence and  art. 

The  President  of  one  of  the  great  express  compa- 
nies in  this  city,  who  has  attained  great  wealth,  and 
whose  reputation  as  a  business  man,  and  a  man  of  in- 
tegrity, is  second  to  none  in  the  land,  worked  his  way 


5i8  WHO  MADE  MONEY  ON   WALL  STREET. 

up  from  the  lowest  beginnings.  Some  of  the  great 
book  men  of  the  city  began  life  as  newsboys,  selling 
papers  on  the  street. 

The  great  express  man  of  the  west,  who  has  given 
his  name  to  most  of  the  express  companies,  because  his 
name  is  a  synonym  of  honor,  began  life  a  stable  boy,  then 
drove  stages,  then  owned  stage  lines,  began  the  ex- 
press business  in  the  humblest  way,  and  being  always 
the  same  faithful,  honest,  persevering  man,  is  now  one 
of  the  richest  men  in  the  State. 

The  richest  man  in  Brooklyn  peddled  milk — he  ped- 
dled good  milk.  He  bought  the  best  cows,  and  with 
a  little  money  scraped  together,  bought  a  pasture,  far 
up  in  the  country,  that  his  cows  might  be  under  his 
own  eye.  That  cow  pasture  has  been  cut  up  into  lots, 
and  is  covered  with  the  splendid  mansions  of  Brook- 
lyn Heights.     The  milk  man  is  a  millionaire. 

An  old  man  died  in  New  York,  leaving  two  daugh- 
ters. "Don't  sell  the  old  pasture,"  was  the  dying  in- 
junction of  the  father.  The  family  became  very  poor — 
they  lived  in  chambers.  They  cut  and  carved  every 
way  to  get  along.  They  had  to  give  up  the  family 
pew  in  the  old  church.  The  taxes  &nd  assessments  were 
so  heavy  that  more  than  once  they  resolved  to  sell 
the  pasture,  as  the  price  was  temptingly  high.  They 
held  on.  The  old  pasture  is  occupied  now  by  fashion- 
able New  York  In  the  centre,  is  one  of  the  finest 
private  parks  in  the  city — it  bears  the  name  of  the 
family.  Lordly  mansions  occupy  the  grounds.  Costly 
churches  have  been  erected  upon  it.  The  children  of 
these  heroic  women  are  among  the  wealthiest;  and 
the  husband  of  one  of  the  children,  whose  wealth  no 


WHO  MAKE  HONEY  ON  WALL  STREET.  5  I'J 

one  attempts  to  compute,  is  a  high  official  at  Washing- 
ton. 

WHO    MAKE    MONEY    ON    WALL    STREET. 

1st.  Those  who  trade  legitimately  in  stocks.  A 
commission  house  in  Wall  Street,  that  buys  and  sells 
stocks,  as  a  trade,  and  does  nothing  else,  must  make 
money.  It  cannot  be  otherwise.  Such  men  run  no 
risks.  A  legitimate  house  never  buys  stocks  without 
a  margin.  The  operator  holds  the  stocks,  watches  the 
market,  and  can  protect  himself  when  he  will.  The 
great  temptation  is  to  speculate.  Why  make  a  pal- 
try commission,  when  by  a  nice  investment,  thousands 
may  be  secured  ?  Few  houses  are  successful,  because 
few  adhere  to  the  rule,  rigidly,  not  to  touch  any  thing 
as  a  speculation,  however  tempting  the  offer.  One  of 
the  heaviest  houses  in  New  York,  that  went  down 
on  the  Black  Friday,  failed  because  it  added  specu- 
lation to  a  commission  business.  For  years  the  house 
refused  to  speculate.  It  became  one  of  the  most  hon- 
ored, and  trusty,  as  well  as  one  of  the  most  successful. 
While  the  principal  partner  was  absent  in  Europe,  his 
associates  ventured  on  a  little  speculation.  It  proved 
successful,  and  the  house  became  one  of  the  largest 
operators  in  Wall  Street.  The  crash  came,  as  it  comes 
to  all  such,  and  the  ruin  was  terrible.  Had  the  house 
been  content  to  follow  the  legitimate  business  that 
made  it,  it  would  have  stood  to-day. 

2d.  Operators  make  money  who  buy  in  a  panic. 
Few  men  in  Wall  Street  can  invest  during  a  panic. 
When  Stocks  are  low,  and  growing  lower,  and  the  bot- 
tom seems  to  be  knocked  out  of  every  thing,  specula- 


550  WHO  MAKE  MONEY  ON  WALL  STREET. 

tors  are  at  their  wits'  end,  like  men  in  a  storm  at  sea. 
Then,  cool,  shrewd,  careful  capitalists  buy.  Men  in 
California,  Chicago,  Baltimore,  Boston,  Buffalo,  have 
standing  orders  with  their  brokers,  to  buy  when  stocks 
are  low.  These  are  quiet  men,  that  know  that  the 
law  of  the  street  is  sure  and  stocks  will  recover. 
They  never  buy  on  what  is  cal  ed  a  Bull  market,  but 
always  when  Stocks  are  how,  and  buy  for  arise.  Mil- 
lions change  hands  by  telegraph,  when  the  Street  is  in 
a  war. 

3d.  Another  class  that  make  money  bay  without 
any  reference  to  the  street.  They  select  a  line  of 
stocks,  with  the  value  of  which  they  are  well  acquaint- 
ed. They  buy  the  stock  and  pay  for  it.  ;  They  take 
it  home,  and  lock  it  up.  It  is  their  own.  No  broker 
can  sell  them  out.  They  have  no  margin  to  lose,  and 
none  to  keep  good.  If  the  stock  goes  down  twenty  per 
cent,  they  are  not  alarmed.  They  know  that  the  street 
will  repeat  itself,  and  that  the  stock  will  come  up. 
They  bide  their  time,  and  sell  out  when  they  please. 

4th.  Another  class  of  operators  make  money  who 
average  their  stocks.  These  operators  buy  a  line  of 
stocks — a  thousand  shares  of  Lake  Shore  at  ninety. 
An  order  is  left  with  the  broker  to  buy  Erie  as  it  goes 
down,  and  so  keep  purchasing  three  hundred.  Lake 
Shore  falls,  as  other  stocks  go  down,  but  the  party  is 
securing  other  lines  at  a  lower  rate.  When  the  mar- 
ket rises,  they  all  go  up  together.  It  takes  capital  and 
pluck  to  do  this.  Operators  must  have  money  to  hold 
the  thousand  shares,  and  secure  other  lines  of  stock  to 
average  the  decline.     The  wealthy  operators  on  the 


WHO  MAKE  MONEY  o.\  wall  street.  5.31 

street — the  old  heads,  who  are  sure  of  a  rise  if  they 
wait  for  it,  are  the  men  who  average  their  stock. 

5th.  Men  make  money  on  the  street  who  are  eon- 
tent  to  do  a  small  business;  who  are  satisfied  with 
small  profits.  Such  men  are  not  bold  operators,  but 
they  are  very  safe  ones.  Five  hundred  dollars  profit 
is  very  satisfactory.  Most  operators  want  to  make 
money  at  a  blow  ;  making  five  hundred,  they  reinvest  it 
at  once,  like  a  gambler,  who  having  made  fifty  dollars, 
is  in  a  glow  of  excitement  to  make  a  hundred.  Such 
men  often  buy  the  same  stock  over,  that  they  have 
just  sold,  and  buy  it  at  a  higher  price.  Instead  of 
taking  their  little  gains  out  of  the  street  and  waiting, 
they  try  another  battle  with  fortune,  and  continue  till 
all  is  swept  away.  Henry  Keep,  called  u  Henry  the 
silent,"  on  the  Street,  was  one  of  the  most  successful 
operators  that  ever  dealt  in  stocks.  He  said  to  a 
friend  one  day,  "  Would  you  like  to  know  how  I  made 
my  money?  I  did  it  by  cooping  the  chickens;  I  did 
not  wait  till  the  whole  brood  was  hatched.  I  caught 
the  first  little  chicken  that  chipped  the  shell,  and  put 
it  in  the  coop.  I  then  went  after  more.  If  there  were 
no  more  chickens,  I  had  one  safe  at  least.  I  never  des- 
pised small  gains.  What  I  earned,  I  took  care  of.  I 
never  perilled  what  I  had,  for  the  sake  of  grasping 
what  I  had  not  secured." 

Gth.  Men  who  can  control  the  street  are  sure  to  make 
money.  Vanderbilt,  Drew,  Law,  and  men  of  their 
capital  can  do  this  when  they  please,  When  they  com- 
bine, they  can  make  the  nation  reel.  If  they  want  to 
control  stocks,  they  buy  them  up,  and  lock  them  up. 
They  can  keep  them  as  long  as  they  please,  and  sell  them 


552  WHO  LOSE  MONEY  OX  WALL  STREET. 

when,  and  as  the}'  please.  They  can  run  the  price  up  to 
any  height.  These  men  not  only  make  a  fortune  in  a 
day,  but  they  make  fortunes  for  all  their  friends  whom 
they  choose  to  call  in.  The  permanent  success  among 
operators  and  speculators  is  found  in  the  classes  named. 

WHO    LOSE    MONEY    ON   WALL    STREET. 

1st.  All  who  are  caught  by  a  panic,  which  includes 
the  great  mass  of  operators,  lose.  One  of  the  most 
mysterious  things  in  Wall  Street  is  a  panic,  as  it  is  one 
of  the  most  terrible.  It  is  indescribable  and  often 
causeless.  It  comes  without  warning.  No  wisdom, 
shrewdness  or  fore-cast  can  anticipate  or  control  it.  A 
distinguished  editor  of  New  York  gave  an  account  of 
.  panic  which  he  shared,  which  seized  the  allied  army, 
and  spread  terror  through  the  ranks  of  thousands  of 
armed  men — who  fled  pell-mell  in  dismay  at  the  appear- 
ance of  the  few  Austrian  cavalry,  who  had  got  lost  and 
were  seeking  food.  The  alarm  and  terror  of  a  Wall 
Street  panic  sweeps  away  the  accumulated  gains  of 
many  a  speculation,  and  often  the  fruits  of  many  years. 
Its  bitter  fruits  are  not  confined  to  the  street.  The 
click  of  the  telegraph,  that  communicates  the  changes 
in  Wall  Street  every  five  or  ten  minutes,  to  all  parts  of 
the  continent,  carries  consternation  with  the  intelli- 
gence. Dealers  in  stocks  are  scattered  all  over  the 
land,  capitalists  tremble  and  business  and  labor  suffer. 
When  a  panic  comes,  it  strikes  the  heavy  men  of  the 
street,  as  it  strikes  all  others.  The  causes  of  a  panic, 
are  found,  1st,  in  combinations  that  tighten  the  money 
market.  Thirty  men  who  can  go  out  on  the  street, 
and  call  in  millions  of  dollars,  out  on  loan,  as  they  are 


WHO  LOSE  MONEY  ON  WAl  553 

often    compelled    to    do,    aid   in    producing  a  panic. 
Money  is  drawn  from   the  city  to  purchase   the  crops 

in  the  country,  and  with  a  tight  money  market  the  street 
must  unload.  2d.  Artful  men  combine,  and  lock  up 
money.  Sometimes  a  combination  secures  control  of 
the  city  funds,  funds  of  the  United  States  government, 
and  nearly  all  the  money  in  the  banks.  If  the  com- 
bination that  produced  the  awful  panic  of  September 
24th,  could  have  held  their  grasp  on  gold  and  green- 
backs twenty -four  hours  longer,  they  would  have  broke 
the  entire  street.  4th.  Panics  come  from  no  possible 
cause — come  when  no  one  can  expect  them.  A  bro- 
ker of  forty  years  standing,  who  is  at  the  head  of  one 
of  the  heaviest  houses  in  New  York,  said,  "  One  of  the 
worst  panics  that  I  ever  saw  in  the  street,  occurred 
under  my  own  eye.  I  was  seated  at  the  Board  one 
day,  and  I  never  saw  the  room  more  quiet.  Every 
thing  was  easy  and  buoyant.  Stocks  were  steady,  the 
roads  were  earning  money,  and  every  thing  was  cheer- 
ful. A  member  present  belonged  to  a  house  that  was 
carrying  a  very  large  line  of  stock.  He  offered 
two  hundred  shares  for  sale.  A  man  sat  opposite  to 
witness  the  transaction.  He  said  to  himself.  I  have 
some  of  that  stock  ;  if  this  man  who  is  so  heavily  inter- 
ested in  it,  is  about  selling  out,  something  must  be 
the  matter.  I  will  sell  mine  out  while  I  can.  He 
threw  his  on  the  market.  Others  followed.  A  scene 
of  indescribable  excitement  prevailed.  Other  stocks 
were  affected.  The  panic  became  universal,  and  inevi- 
table ruin  followed.  It  turned  out  that  nothing  was 
the  matter  ;  that  the  broker  who  had  caused  the  panic 
had  an  order  to  sell. 


551  WHO  LOSE  MONEY  ON   WALL  STREET. 

5th.  Beside  the  conspiracies,  before  alluded  to, 
panics  are  produced  by  a  combination  of  the  bear 
interest  to  sell  out.  As  stock  is  offered,  the  bulls 
buy  it,  to  prevent  a  fall,  and  if  they  buy  all  that  is 
offered,  they  keep  the  market  up.  The  bears  pile  up 
the  stock,  and  produce  a  panic.  They  throw  on  to 
the  market  more  stock  than  the  bulls  can  take  and  a 
panic  follows. 

2d.  Nearly  every  one  loses  money  who  is  not  in- 
itiated in  the  ways  of  Wall  Street.  Stock  jobbing  is  a 
trade.  To  be  successful,  men  must  understand  it,  and 
follow  it  as  a  business.  A  man  would  be  much  safer 
to  order  a  stock  of  goods  from  Europe,  ignorant  of  the 
quality  and  of  the  price, — to  order  ten  thousand  bar- 
rels of  flour  from  the  West,  who  never  purchased  a  bush- 
el of  wheat — to  order  cargoes  of  coal,  knowing  noth- 
ing of  the  trade,  than  to  go  to  Wall  Street  to  make  an 
investment.  The  green  men,  who  do  not  know  the 
ways  of  the  Street,  are  sure  to  lose.  Smart  men  else- 
where, successful  men  in  other  lines,  will  be  dupes  in 
the  Street.  The  atmosphere  is  full  of  rumors.  Sharp- 
ers are  full  of  points,  and  the  green  speculators  will 
first  be  misled,  and  then  be  fleeced.  They 'are  especially 
in  peril,  if  they  meet  with  temporary  success.  Like 
men  who  fight  the  "  tiger,"  their  little  successes  only 
whet  the  appetite  for  deeper  playing.  Men  who  make 
a  little  fortune  elsewhere,  come  on  the  Street  in  search 
of  ventures,  and  are  easily  duped  to  take  a  flyer,  which 
is  as  certain  to  clean  them  out,  as  they  live. 

3d.  Small  dealers  lose  money.  These  have  gen- 
erally some  friend  on  the  Street,  who  make  purchases 
for  them,  without  observing  the  rule  of  the  board. 


WHO  LOSE  MONEY  OX  WALL  STREET.  55.J 

The  law  of  the  street  requires  a  ten  per  cent,  margin,  but 
some  brokers  are  content  to  take  one  per  cent,  or  even  a 
half.  These  operators  are  friends — cousins — members 
of  the  same  church — or  belong  to  the  same  fraternity  or 
club.  This  class  is  very  large,  and  is  sure  to  lose  all 
that  is  ventured.  The  most  excited  of  small  operators 
are  ladies.  They- place  their  one  per  cent.,  or  ten  per 
cent,  in  the  hand  of  a  broker,  and  they  become  per- 
fectly infatuated.  They  annoy  and  worry  the  broker 
that  buys  for  them,  by  daily  visitations,  and  their  ex- 
cited dreams  of  fortune  give  them  no  rest.  A  broker 
related  this  incident.  A  lady  acquaintance  called  at 
his  office,  and  insisted  upon  leaving  with  him  a  thou- 
sand dollars  for  speculation.  She  wanted  some  dress- 
es and  fixings,  and  having  need  of  more  money  than 
her  husband  could  spare,  she  resolved  to  try  a  venture 
on  the  street.  Others  had  done  so  and  made  a  fortune, 
and  there  was  no  reason  why  she  should  not.  All  ar- 
gument and  entreaty  were  lost  on  the  excited  crea- 
ture— a  speculation  she  would  have,  and  her  money 
she  would  leave.  The  broker  took  her  money  on  one 
condition,  that  it  was  the  last  venture  she  would  make  ; 
at  least,  through  him.  He  locked  her  thousand  dollars 
in  his  safe.  Every  day,  she  came  to  the  office  to  en- 
quire after  the  success  of  the  speculation.  Once  or 
twice  she  dogged  him  to  his  house.  She  had  heard  a 
report  that  she  thought  would  interest  him,  and  had 
read  something  in  the  paper  that  she  could  not  under- 
stand. One  day  she  called  at  the  office,  and  he  met 
her  with  a  smile.  "I  know  you  have  got  good  news 
for  me,"  said  the  lady.  "  Yes,"  said  the  broker,  and 
"  I  will  tell  it  to  you,  if  you  will  renew  the  obligation 


556  WHO  LOSE  MONEY  ON  WALL  STREET 

given  to  mc,  and  leave  the  Street.''  She  renewed  it. 
"Your  thousand  dollars  have  gained  you  another  thou- 
sand dollars.  He  handed  her  a  certified  check.  He 
had  given  her  a  thousand  dollars  to  get  rid  of  her. 

4th.  Industrious  speculators,  hard  working,  ener- 
getic, persistent  operators  in  Wall  Street,  fail.  Indus- 
try and  activity  are  not  at  a  premium  on  the  street. 
The  warning  of  the  Bible,  on  making  haste  to  get  rich, 
has  a  significance  among  brokers.  Cool  operators, 
slow,  steady  going  men,  who  think  twice  before  they 
act,  who,  when  they  make  an  operation,  haul  off  and 
wait,  make  the  money.  But  sharp,  energetic  men,  who 
have  come  out  on  the  street  to  make  a  fortune,  and  in- 
tend to  keep  at  it — these  men  are  sure  to  go  under. 
They  make  five  hundred  a  day ;  that  is  nothing;  they 
can  as  easily  make  ten  hundred.  Having  done  up  one 
little  chore,  they  think  there  is  time  for  another.  They 
feel  that  they  must  do  something  all  the  time.  Like 
men  who  sell  ribbon  and  tape,  they  imagine  they  are 
only  doing  well,  as  they  measure  off  yard  after  yard. 
A  successful  operator  hauls  off  after  he  has  made  a 
strike,whether  it  is  small  or  large — waits  and  watches 
the  market. 

5th.  Operators  who  deal  in  points,  lose  money. 
Wall  Street  is  full  of  rumors,  exciting  stories,  and 
statements  of  things  that  are  going  to  happen.  Some 
men  have  secret  information  of  importance.  These 
rumors  are  called  points,  and  men  who  buy  and 
sell,  in  consequence  of  them,  are  said  to  "  deal  on 
points."  Combinations,  conspiracies,  and  cliques  start 
these  points  to  affect  the  market,  and  inexperienced 
and  green  operators  are   duped  by  them.     Men  pro- 


WHO  LOSE  MONET  ON  WALL  STREET.  557 

fess  to  have  important  information  that  stocks  arc  to 
go  up,  or  are  to  go  down.  They  communicate  this  to 
a  dealer  and  offer  to  form  a  joint  account,  ancLshare 
the  profits  of  the  venture.  In  nine  cases  out  of  ten, 
the  point  is  a  canard,  for  men  who  have  genius  enough 
to  affect  the  market  have  shrewdness  enough  to  keep 
the  rise  to  themselves.  Hordes  of  men  speculate  on 
points.  There  is  a  rumor  that  the  Secretary  of  the 
Treasury  is  going  to  sell,  or  lock  up  gold ;  a  bill  is  to 
be  introduced  into  Congress;  it  is  to  be  essentially 
modified,  to  be  defeated  or  passed ;  the  Spanish  min- 
ister walked  rapidly  out  of  the  White  House  one  morn- 
ing; the  Secretary  of  State  sent  an  important  despatch 
to  a  high  official  at  Washington ;  the  fares  on  an  im- 
portant railroad  are  to  be  reduced,  or  certain  roads  are 
to  be  consolidated.  On  these,  and  other  wild  rumors  or 
points,  speculators  operate,  and  always  to  their  ruin. 
Men  trained  to  the  street,  and  who  have  rolled  up 
fortunes,  are  never  caught  by  such  chaff. 

6th.  Some  operators  are  always  seeking  a  cue. 
They  have  no  judgment  of  their  own.  They  watch 
others.  They  believe  the  rumors  flying  about  the 
street.  They  are  easily  crammed  and  gulled.  They 
are  the  dupes  of  sharp,  shrewd  men,  and  seldom  come 
to  anything. 


A   NEW 


DICTIONARY  OF  THE  BIBLE, 


COMPRISING  ITS 


ANTIQUITIES,  BIOGRAPHY,  GEOGRAPHY, 

AND 

NATURAL   HISTORY. 


EDITED  BY  WILLIAM  SMITH,  LL.D., 

CLASSICAL  EXAMINER  IN  THE  UNIVERSITY  OF   LONDON,  AND   EDITOR    OF  THJ8 

DICTIONARIES  OF  "GREEK  AND  ROMAN  ANTIQUITIES,"  "BIOGBAPHY 

AND  MYTHOLOGY,"  AND  "  GEOGRAPHY." 

A  few  years  since,  Dr.  William  Smith,  of  the  University  of  London,  and  the  most  eminent  Lex- 
icographer in  the  world,  associated  with  himself  over  seventy  distinguished  Divines  and  Authors 

of  both  Europe  and  this  country,  in  the  great  task  of  preparing  a  comprehensive  Dictionary  of 
the  Bible,  and  supplying  the  want  that  had  been  long  felt  bv  the  religious  public.  The  re 
these  labors  his  at  hist  appeared  in  three  large  and  verv  costly  volumes,  and  is  a  wonderful  monu- 
ment of  learning.  An  abridgement  for  popular  use  made  by  Dr.  Smith  himself,  is  effered-in  this 
volume.  It  is  a  condensation  of  thousands  of  volumes  of  essays,  histories,  travels,  and  commen- 
taries for  the  elucidation  and  illustration  of  the  Bible. 

The  present  work  contains  every  name  in  the  Bible  respecting  which  anything  can  he  said.  It 
embraces  tb.3  remits  of  Historic  Research,  Antiquarian  Investigation,  the  study  of  Languages  and 
Dialects,  and  the  discoveries  of  the  modern  travelers  and  explorers  in  the  Holy  Land — Robin- 
son, Riwli;isj.;,  Ferguson,  Layard,  Olfert  and  Stanley.  It  gives  a  more  complete  list  of  the  proper 
n;m:s  ii  the  Scripture  than  is  contained  even  in  Cruden's  great  Concordance. 

Ti\3  Publishers  are  confident  that  in  this  work  they  offer  to  the  American  public  a  volume  that 
is  gre  itly  suparior  for  the  use  of  Christian  people  generally,  to  any  of  the  kind  yet  issued.  It 
possesses  rainy  excellencies  (besides  being  cheaper  than  any  other  edition,  and  within  the  pecu- 
niary reach  of  all)  which  commend  it  to  the  patronage  of  the  American  public. 

First.     It  is  printed  in    type    of  a  heavy,  distinct,  and  very  legible  face. 

Second.  It  is  the  only  edition  by  an  American  publisher* of  the  Condensation  made  by  Dr. 
Smith's  own  hand. 

Tnirl.  The  most  careful  endeavor  and  accurate  scholarship  have  been  enlisted  to  avoid  re- 
producing the  errors  which  crept  into  the  English  edition. 

Fxirth.  English  authorities  differ  widely  from  American  in  the  pronunciation  of  proper  names. 
In  this  edition  our  standard  lexicographers  have  been  followed  so  as  to  adapt  the  work  to  the 
American  people,  and  give  it  an  invaluable  merit — and  one  which  is  possessed  by  no  other  reprint. 
An  intelligent  reader  or  student  of  the  Bible  will  appreciate  this  excellence,  and  besati.-fied  only 
with  the  Dictionary  that  gives  him  the  Scriptural  proper  names  (of  which  there  are  hundreds) 
with  the  accentuation  according  to  the  best  usage  in  this  country  and  the  recognized  authorities 
in  lexi«ographv. 

This  work,  has  the  high  commendation  of  Christian  scholars,  and  is  needed  in  every  house- 
hold, and  by  every  student  and  reader  of  the  Bible. 

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TJie  Patriarchs,  Prophets,  Poets,  Apostles,  Princes,    Women,    Warriors,  Judge*, 
Kings,  and  other  Celebrated  Persons  oj  Sacred  History. 

WITH    DESCRIPTIONS    OF 

ANCIENT  CITIES  AND  VENERATED  SHRINES. 
By    CHARLES    W.    ELLIOTT, 

AUTHOR  OF  THE  NEW  ENGLAND  HISTORY,  ETC.,  ETC. 

WITH   ORIGINAL   ARTICLES   BY 

Theodore  D.  Woolsey,  LL.  D.,  President  of  Yale  College.  Joseph  Cum- 
mings,  D.D.,  LL.  D.,  President  of  Wesleyan  University.  Rt.  Rev.  Thomas  M. 
Clark,  D.  D.,  Bishop  of  Rhode  Island.  The  Rev.  Henry  Ward  Beecher. 
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It  is  not  a  work  of  Theology,  but  of  Human  Life  full  of  remarkable  characters, 
strange  events,  Lofty  Poetry  and  Startling  History. 

THIS  WORK  COXTAIXS  CAREFUL  AND  ACCURATE  ACCOUNTS, 

I.  Of  the  lives  and  characters  of  the  remarkable  men  who  have  made  the  Holy  Land 
famous  for  all  time. 

II.  Of  Abraham  the  Wanderer,  and  Moses  the  Deliverer;  of  Joshua  the  Conqueror,  and 
David  the  Beloved;  of  Miriam  and  Deborah  and  Naomi;  of  the  Prophets  of  old,  and  Apos- 
tles of  Jesus ;  of  the  Baptist,  and  the  Women  who  knew  and  talked  with  the  Saviour,  and  also 
of  the  Great  Herod,  and  the  magnanimous  Saladin,  with  many  others. 

III.  Of  the  great  deeds  and  surprising  events  in  which  they  were  the  principal  actors ; 
of  the  habits  and  manners  of  that  Oriental  Land. 

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and  the  Great  Temple;  of  Mount  Sinai  and  the  Dead  Sea;  of  Bethlehem,  and  Nazareth,  and 
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